Chartered institute of stockbrokers endorses CBN new exchange rate policy

  

      The Central bank of Nigeria received an applaud from the chartered institute of stockbrokers(CIS) over the new floating exchange rate policy.The CIS has described the move as a bold and positive initiative.


   The CIS added that the new foreign exchange policy will bolster investor confidence, trigger inflow of foreign portfolio investments and boost the velocity of the stock market.
“CIS supports the continual restriction of the 41 excluded items from the interbank foreign exchange market. The exclusion of the items supports the infant industry argument. CIS believes that an admixture strategy of the floating foreign exchange policy, an intensive export promotion drive, support for the infant industry argument and pump priming will give fillip to the economy. Going forward, we are optimistic on the growth prospects of the economy in 2017".