The Centre for the Promotion of Private Enterprise (CPPE) has urged the newly appointed Governor of the Central Bank of Nigeria, Olayemi Cardoso, to urgently fix the foreign exchange crisis.

Muda Yusuf, the director of CPPE, made this known  in a statement outlining a ten-point agenda for Cardoso on Sunday. He advised the CBN governor to put policies in place to restore confidence in the forex market. Yusuf’s comment comes amid the crumbling of the naira against the dollar, which exchanged at N980/$1 at the parallel market on Friday.

He stressed that the country faces a severe confidence crisis in the foreign exchange market. The economic think-tank group called for a transparent intervention by the government to avoid further volatility. CPPE tasked Cardoso with the implementation of policies to deepen stakeholder engagement and strengthen the efficiency of the financial system.

Yusuf further urged the new CBN governor to  ensure the recapitalization of banks and the proper handling of ways and means to government. He said: “Meanwhile, the CBN must ensure strategic and transparent intervention in the forex market to minimise volatility as far as the reserves can support. In addition to the I & E window, creating an autonomous window in the banking system has become necessary where the currency can trade freely without any encumbrances.

“It is necessary to avert the diversion of remittances to other jurisdictions or the black market. We cannot afford to live in denial at this time. The clearance of the backlog of forex obligations should be accorded high priority to restore the confidence of domestic and foreign investors.”