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Experts flay CBN’s FX management approach, seek end to price-fixing

Experts flay CBN’s FX management approach, seek end to price-fixing

Economy
Chief Executive Officer, EFG Hermes Nigeria, Lilian Olubi, has said that the price-fixing regime in the foreign exchange (forex) market is a deterrent to Foreign Portfolio Investors (PFIs), enjoining the authorities to reduce focus on FX management. Olubi said there has been a focus on managing the foreign exchange price and the effect of that action has a huge effect on others on the market, including dampening confidence. She, therefore, advised the Central Bank of Nigeria (CBN) to liberalise the market. Olubi stated this at a virtual media round-table organised by the firm to discuss the shifts in investor appetite in East and West African equity markets. Given the current dominance of local investors in the equity market, she stressed the need for more products to be f...