What the CBN must do to ensure the Naira remains stable and Strong By Clem Aguiyi

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Totalpolitics@ymail.com 

Tel: 08034747898


A strong and stable Naira is crucial to economic growth , development and National Security.  

The questions are : What must CBN do to make the Naira strong and stable . 

To nsure the Naira remains stable and potentially regains its value, the Central Bank of Nigeria (CBN) should consider the following measures:


1. *Maintain a stable monetary policy*: The CBN should continue to implement a stable monetary policy framework, focusing on price stability and low inflation. This will help to maintain investor confidence and reduce the pressure on the Naira.


2. *Manage foreign exchange effectively*: The CBN should continue to manage the foreign exchange market effectively, ensuring that there is sufficient liquidity to meet the demands of importers and investors. This can be achieved through a combination of interventions in the foreign exchange market and the use of monetary policy tools.


3. *Promote exports and reduce imports*: The CBN should implement policies that promote exports and reduce imports, such as providing incentives for exporters and imposing tariffs on imported goods. This will help to improve Nigeria's trade balance and reduce the pressure on the Naira.


4. *Encourage foreign investment*: The CBN should implement policies that encourage foreign investment, such as providing tax incentives and streamlining the investment process. This will help to attract foreign capital and reduce the pressure on the Naira.


5. *Improve transparency and communication*: The CBN should improve transparency and communication with stakeholders, including investors, businesses, and the general public. This will help to build confidence in the Naira and reduce speculation.


6. *Reduce inflation*: The CBN should continue to implement policies aimed at reducing inflation, such as increasing interest rates and reducing money supply. Low inflation will help to maintain the value of the Naira.


7. *Diversify the economy*: The CBN should work with the government to diversify the economy, reducing dependence on oil exports and promoting other sectors such as agriculture, manufacturing, and services. This will help to reduce the impact of external shocks on the Naira.


8. *Maintain a stable banking system*: The CBN should continue to maintain a stable banking system, ensuring that banks are well-capitalized and liquid. This will help to maintain confidence in the financial system and reduce the pressure on the Naira.


9. *Monitor and regulate the parallel market*: The CBN should closely monitor and regulate the parallel market to prevent speculation and ensure that the exchange rate reflects the true value of the Naira.


10. *Collaborate with the government*: The CBN should collaborate with the government to implement policies that promote economic growth and stability, such as investing in infrastructure, promoting entrepreneurship, and improving the business environment.


By implementing these measures, the CBN can help to maintain stability in the foreign exchange market, reduce the pressure on the Naira, and potentially help the currency regain its value.

Location: Nigeria

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