World Bank Disagrees With CBN On Multiple Exchange Rates, Others

The World Bank has said it disagrees with the Central Bank of Nigeria on how it is going about to achieve its price stabilisation objective.

The Country Director for Nigeria, World Bank, Shubham Chaudhuri, said this in an exclusive interview with our correspondent.

He said although the World Bank aligned with the CBN on the need to achieve price stability as one of its core mandates, it differed on the method and choice of policies in achieving this.

He said, “Nigeria, like many other countries, has gone through a very tough time, especially last year, with the price of oil falling, which had an immediate effect in terms of foreign currency inflows into the country because sales of crude oil are one of the biggest sources of foreign currency inflows into Nigeria.

“So, we recognise that in the middle of the economic crisis, Nigeria was under tremendous pressure, alongside the naira. One of the core mandates of CBN is price stabilisation. However, we differ with the CBN on how best this aim can be achieved.”

Chaudhuri said the naira should be allowed to respond to real pressures, instead of the CBN trying to bottle up the pressures.

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