New forex policy will lead to inflation-University Don

New forex policy will lead to inflation-University Don

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A professor of Economics at the University of Port-Harcourt Okey Onuchukwu says the new foreign exchange market policy introduced by the Central Bank of Nigeria could lead to inflation and increase the rate of unemployment in the country.

Professor Okey Onuchukwu said the policy would further weaken the value of the naira and increase the price of the dollar.

Professor Okey Onuchukwu who is also the Chairman of the Rivers State Board Public Procurement said the new foreign exchange market guideline would further increase the prizes of goods and services in Nigeria.

Professor Okey Onuchukwu also said the Central Bank of Nigeria should rather introduce policies that would bring down interest rate for investors to increase local manufacturing of goods in the country.

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