Experts continue to respond to the decision to give commercial banks in Nigeria the opportunity to set the price of foreign currencies

 Experts continue to respond to the decision to give commercial banks in Nigeria the opportunity to set the price of foreign currencies Less...

 Experts continue to respond to the decision to give commercial banks in Nigeria the opportunity to set the price of foreign currencies

Less than 48 hours after the Central Bank of Nigeria (CBN) said that commercial banks would be able to set the rate of foreign exchange, especially for the dollar, experts in economics, foreign exchange traders, and other people kept talking about the level and giving their different opinions.

The Central Bank of Nigeria (CBN) made the choice 17 days after President Bola Ahmed Tinubu took office. This is in line with the president's promise to consolidate the exchange rates of different currencies, both in front of and behind the scenes.

In the past few years, analysts and international financial institutions have been worried about the country's currency exchange system, especially how it affects business for people inside and outside the country.

Professor Muhammad Muttaka Usman, an economist and lecturer at Ahmadu Bello University in Zaria, said that the CBN's decision will let commercial banks find foreign currency on their own and figure out how to sell it. This means that the price of money will go up, but in the long run, everyone will have the same amount.

Alhaji Umar Mairiga, who used to work for the Central Bank of Nigeria (CBN), said that businesspeople inside and outside of the country are aware of the CBN's choice and that it won't hurt the prices of goods in the country.

Alh. Aminu Gwadabe, who is in charge of the group of exchange traders at the national level, said that he was happy with the central bank's choice and gave more information about how the money exchange business behind the scenes started in Nigeria.

President Tinubu said in his first speech after taking the oath of office that his government would change the country's foreign exchange system. This was part of a larger plan to reform the biggest economy in Africa.