Group Lauds Tinubu, CBN For Stabilizing Naira.

Independent Media and Policy Initiative says the fiscal and monetary policy authorities in Nigeria have found a way of setting the economy on a path of resilience.

A statement said, its Chairman, NiyiAkinsijiu, commended President Bola Tinubu and the Governor of Central Bank of Nigeria, Yemi Cardoso, for policies that are addressing the supply and demand sides of the foreign exchange market, adding that, one of the profound policies introduced to the market on 31st January, is in the graduated steps to take charge of the market, as well as the administrative admonition to Nigeria’s Deposit Money Banks, to bring their Net Open Position, to the prudential limit by 1st January 2024.

It also said, the CBN’s Net Open Position mandate to the banks implies that, no bank holds a 20 per cent long position, and hold more foreign currency assets than liabilities by more than 20 percent, while, the strategic objective of this mandate was to get the banks to start off-loading into the open market, about $7 billion they kept in long currency positions, that was a maneuver to address forex supply side concerns.