KPMG, a
global firm providing audit, tax and advisory services, has said that for the
country to achieve foreign exchange stability and solve the issue of unmet
demand which stands at about $4 billion there was need for fiscal discipline
and strong monetary policies.
Speaking at
KPMG Shareholders Audit Committee Seminar for Nigeria Shareholders Solidarity
Association, NSSA, Partner, Audit Services at KPMG, Mr Kabir Okunlola, advised
the Federal Government to streamline the foreign exchange market to a single
platform to enhance transparency and price stability.
Presently,
Nigeria’s foreign exchange market runs on about five platforms with five
different exchange rates.
He explained
that the current fragmented nature of foreign exchange market will not help the
country, noting, that “the sustainable solution is to have stable rate that
everybody can get in terms of Foreign Exchange, because if we have different
rates, it will give opportunity for fraud, where people get cheaper rate and
sell at high rate in the market.”
Okunlola
pointed out the need for government to reduce the extent of speculative demand
for foreign exchange in the market.
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