“Nigeria exchange rate policies discouraging investments” – World Bank

The World Bank says the Nigerian government’s exchange rate management policies are discouraging investments and fuelling inflation in the country.

The bank disclosed this in the November edition of its Nigeria Development Update.

While highlighting the role of the Central Bank of Nigeria, C-B-N, in exchange rate stability, the World Bank said there had been intense pressure on the naira, with the C-B-N constantly raising the nominal official exchange rate.

It added that the C-B-N’s foreign exchange management system was too rigid, with the system driving inflation in the country.