By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
P9O Newsletter
Join Us!

Subscribe to our newsletter and never miss our investigative stories, breaking news, podcasts etc..

Zero spam, Unsubscribe at any time.
  • Home
  • Nigeria
  • Politics
  • Metro
  • World
  • Lifestlye
  • Football
  • 2023 Election
Reading: CBN's Forex Changes to Boost Nigeria's Revenue, says Economic Expert
Prime 9ja Online
Prime 9ja Online Prime 9ja Online
Aa
  • Africa
  • Business
  • Football
  • Metro
  • Nigeria
  • Opinion
  • Politics
  • Technology
Search
  • Categories
  • _Football
  • _Lifestyle
  • _World
  • _Metro
  • _Politics
  • _Nigeria
  • Pages
  • _About Us
  • _Contact Us
  • _Privacy Policy
Follow Us
Nigeria

CBN's Forex Changes to Boost Nigeria's Revenue, says Economic Expert

Following the recent floating of the Naira and the liberation of the foreign exchange market by the Central Bank of Nigeria (CBN), economic ...

Chima Joseph Ugo
Chima Joseph Ugo - Editor-in-chief June 16, 2023
Updated June 16, 2023 at 6:10 AM
Share
CBN's Forex Changes to Boost Nigeria's Revenue, says Economic Expert
SHARE

CBN's Forex Changes to Boost Nigeria's Revenue, says Economic Expert
Following the recent floating of the Naira and the liberation of the foreign exchange market by the Central Bank of Nigeria (CBN), economic expert Dr. Boniface Chizea has expressed optimism that these changes will help increase the country's revenue collection. Dr. Chizea, the Chief Executive Officer of BIC Consultancy Services, shared his insights on Friday, emphasizing the potential positive impact of the CBN's operational adjustments.

In line with the new directives, the CBN has instructed commercial banks to engage in free trading of foreign exchange at a market-determined rate, effectively removing the cap on forex at the Investor and Exporters' window. This move is expected to foster a more flexible and market-driven foreign exchange system.

Dr. Chizea welcomed the development and highlighted that it could lead to a substantial boost in the country's revenue from oil. However, he also cautioned that the situation may result in a rise in Nigeria's external debts due to its impact on the value of the Naira.

"This development will have far-reaching implications at the fiscal authority's level. For the Budget, it will translate to a quantum leap in revenue calculations. Therefore, all estimations of revenue flows from oil will increase in Naira terms by more than 200 percent," Dr. Chizea explained.

The expert's assessment aligns with the aim of the CBN to enhance economic stability and create an environment conducive to sustainable growth. The liberalization of the foreign exchange market is intended to attract more foreign investments, encourage export activities, and diversify the economy.

The changes introduced by the CBN mark a significant shift in Nigeria's forex market operations and are expected to have a profound impact on the country's overall economic landscape. As the effects of these changes unfold, stakeholders will closely monitor the outcomes, particularly in terms of revenue generation and the management of external debts.

Tags: Nigeria

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share this Article
Facebook WhatsApp TwitterEmail Print

You Might Also Like

Facebook Like
Twitter Follow
Pinterest Pin
Telegram Subscribe
Prime 9ja Online

Subscribe to our newsletter to receive our latest updates instantly on your email.

About

  • About Us
  • Privacy Policy
  • Terms
  • Disclaimer
  • Fact-Checking Policy
  • Code of Ethics
  • Corrections and Correctives
  • Editorial Integrity
  • Ethical Conduct
  • Funding

Connect

  • Contact Us
  • Advertise
  • Submit a Tip

© 2025 Prime 9ja Online Media - All Rights Reserved.

Follow Us