Thursday, June 13, 2024
HomeBanking & FinanceExchange RatesSEC executive seeks unified rate to attract foreign capital 

SEC executive seeks unified rate to attract foreign capital 

The Central Bank of Nigeria (CBN) needs to harmonise exchange rates to boost foreign portfolio investment,  the Securities and Exchange Commission (SEC) has advised. 

Speaking during Nairametrics Economic Outlook webinar  themed: Resetting Nigeria’s economic growth trajectory, Executive Commissioner (Operations) at the SEC, Dayo Obisan  said more foreign capital will be attracted to the economy when the exchange rates are harmonised.

The panelists include Partner fiscal policy and Africa tax leader, PwC, Taiwo Oyedele;  Managing Director/CEO FITC, Chizor Malize, and Managing Director/CEO Cowry Asset Management Ltd/Chairman, Fidelity Pension, Johnson Chukwu. 

Obisan said he was confident that the apex bank was gradually working towards achieving a unified exchange rate policy.

Obisan, who represented the Director-General of the SEC, Lamido Yuguda, called for that floating the naira and allowing the forces of demand and supply to determine the exchange rate for the naira.

According to him, the implementation of the National Development Plan will help to achieve economic growth in the country.

“The task before the authorities is the proper implementation of the National Development Plan. We should work very hard towards import substitution. There should be sustainable productivity to give the country a leap in its quest for economic growth,” he stated.

Obisan said productivity would alleviate poverty in Nigeria, adding that a lot of policies have been put up, but the issue usually is the implementation of those policies.

On his part, Oyedele said taxing the poor not in the interest of the economy.

He said the best practice was to empower the poor and small businesses to be in a position where they will pay he taxes.

He advised the government to explore an inclusive economic growth rate that will focus on taxes, reduce the economic burden on SMEs, and increase the tax net of non-paying upper middle-class institutions, especially the MDAs.

“What we need to do is make the country work for the rich and poor. Almost 100 million people are living in poverty,” he said.

Chukwu called for more investments in agriculture and industrialization that there is no economy in the world today that has become industrialised based on agriculture because agriculture is basically an extractive industry and can never be the engine of economic growth.

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