The leading presidential candidate in Nigeria’s forthcoming 2023 presidential election, Labour Party’s Peter Obi has promised to remove the stifling forex import restrictions and entrench a single forex market rate to end the official and parallel market forex complications which affects “exporters who bring in forex by forcing them to sell at a rate that they are unable to source for forex when they need to purchase forex.”
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He made this known in a recent panel conversation at Harvard university. The former governor of Anambra State gave a vivid picture of what his government will do in all critical areas as he responded to questions from Harvard eggheads on Wednesday at the famous University’s Fireside chat on Prospects of Transformative Governance in Nigeria.
Speaking on his monetary policy plans, Peter Obi said, ” As part of our monetary policy, we will seek to re-establish the independence of the CBN; and commit to a credible and transparent plan to normalize the exchange rate and bring inflation to single digits.
“We will remove import and forex restrictions and insist on a single forex market. The current system penalizes exporters who bring in forex by forcing them to sell at a rate that they are unable to source for forex when they need to purchase forex.”
He noted that the current multiple exchange rate regime encourages capital flight and deters investment, which has further worsened Nigeria’s forex situation.