Emmanuel Ukudolo
Nigeria, June 29, 2016 – Managing Director of the International Monetary Fund(IMF), Ms Christine Lagarde has commended the new exchange rate policy adopted by the Central Bank of Nigeria, stressing that it is a move in the right direction.
Laggard who was speaking at a press conference said he is delighted that President Muhammad Buhari has agreed to the change as part of the overall Nigerian policy.
“First of all what I can tell you is that I was very, very pleased to see the exchange rate new policy that has been decided by the Central Bank of Nigeria. And I’m delighted that President Buhari has agreed to that change as being part of the overall Nigerian policy. I think it’s a move in the right direction’’, he said.
She said Nigeria is heading in the direction of a more flexible exchange rate, which she said is so wise and so much better than what there was before.
“So I think on that front the country is heading in the right direction’’, she said adding that diversification of sources of growth is a critical one.
She also commended the fight against corruption adding that President Buhari himself who was present at the London Summit against corruption has devoted his energy and efforts towards fighting corruption.
“We need to support him in helping along the way. But fighting against corruption, diversifying the economy, making sure that there is growth in the country in order to create jobs for the Nigerian population particularly the young people on the basis of a monetary policy and an exchange rate that is more variable then it was before.
“I think hopefully he will position the country in a much better shape for the future.
“ It is the largest economy and certainly the largest population in Africa. The rebasing of the economy is certainly demonstrated. I hope it heads in the right direction’’, she said.
