CBN’s forex regime challenged businesses in 2022 – Expert

An economic expert has said the Central Bank of Nigeria CBN, the foreign exchange regime, is the most challenging policy for businesses in 2022.

The Chief Executive Officer of Centre for the Promotion of Private Enterprises, CPPE, Dr Muda Yusuf, made this disclosure in an Arise TV interview monitored by newsmen on Friday.

Muda, the former Director General of the Lagos Chamber of Commerce and Industry, LCCI stressed that the CBN’s forex regime seriously affected the Nation’s economy in the period under review.

He said the corruption in the regime is why Nigeria’s economy could not perform in 2022.

“It is one of the most challenging policy instruments that affected businesses in 2022; despite all the advocacy by World Bank, economists and citizens for the Central Bank of Nigeria, to tweak its foreign exchange policy, the bank didn’t yield, the economy suffered for it.

“The only beneficiaries of CBN’s foreign policy are those moving with currency from one place to another. All other critical operators in the economy of the country were victims.

“We saw the wide margin, the liquidity in the market, the very embarrassing situation with airlines that cannot take their funds out and foreign investors because these things have a serious reputational effect on the nation’s economy”.

He said foreign exchange depreciation, energy cost, transportation cost, insecurity, foreign exchange market, and external factors are contributing factors to 2022 inflation in Nigeria.