The group advocates the reengineering of the Forex market

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The Center for the Promotion of Private Enterprise (CPPE) called for a reengineering of the foreign exchange market, while applauding the appointment of Dr Doyin Salami as chief economic adviser to the president.

The centre’s chief executive, Muda Yusuf, said Salami brings to the post a pedigree of intellectualism and a solid understanding of the link between sound economic principles, macroeconomic stability, investment growth and the well-being of citizens.

However, he said, the new appointee should urgently ensure a rapid reset of the Nigerian economy for accelerated recovery and growth by instituting a market-based exchange rate policy framework to correct the current distortions that disrupt the foreign exchange market.

This would ensure the normalization of the foreign exchange market and unlock capital inflows into the economy, he said.

The center expects it to deliver a sustainable mix of policies to stem intense inflationary pressures in the economy, ensure effective coordination between fiscal and monetary policies, and synergy between key ministries and economic and government agencies. investment to ensure policy and regulatory coherence.

Other agendas set for it include the introduction of a general equilibrium mindset into policy-making processes to ensure a broad understanding of the impact of economic policies, promotion of reduction monetizing the budget deficit because of the deep inflationary consequences; and promoting the philosophy of a level playing field for all investors in the economy.

In addition, the CPPE expects it to resolve the crisis of port congestion, customs clearance constraints and traffic jams along the Lagos Ports Corridor, promote a culture regime of trade facilitation among trade agencies. our ports, then encourages a review of the cash reserve requirement (CRR) for better financial intermediation in the banking system.

Although it comes quite late in the life of administration, it is nonetheless an appropriate appointment, but it should be noted that Dr Doyin Salami is the current chairman of the Presidential Economic Advisory Council, Yusuf said. .

Yusuf, further said his appointment may signal President Buhari’s aspiration to reset the economy and correct some glaring distortions that have plagued investor confidence over the past two years.

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