• Clear, transparent exchange rate policy urgently required, says World Bank• ‘CBN’s intervention programmes undermining commercial, risk-adjusted lending’The World Bank has warned that the war in Europe could effectively push an additional one million Nigerians into poverty by the end of the year. “Federal expenditures are estimated to increase by over 25 per cent in 2022 amid elections, with a 37 per cent increase in capital expenditures. According to the report, “the need for timely and consistent monetary policy and exchange rate unification has become critical. “Clarity on exchange rate policy, and transparency in its management, are necessary to attract more significant capital inflows, including foreign direct investments. The exchange rate policy in 2022 remains focused on maintaining the IEFX rate and the official exchange rate artificially stable through foreign exchange restrictions and administrative measures.”

Source: The Guardian June 15, 2022 05:00 UTC