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Nigeria MPC Members Slam Central Bank's Policies on the Naira

  • Foreign investors are 'baffled' by the regulator's stance
  • Legality of ban on currency purchases questioned by MPC member

Two members of Nigeria’s Monetary Policy Committee criticized the central bank’s attempts to prop up the naira by restricting access to dollars, while others said the regulator should allow a more flexible exchange rate.

Chibuike Uche questioned the legality of the Central Bank of Nigeria’s June decision to stop importers of around 40 items, including rice, furniture and toothpicks, accessing official foreign-exchange markets. Doyin Salami said the measure would slow economic growth and that foreign investors were confused by the central bank’s attempts to defend the naira since March.