Don’t panic over CBN FX policy, Adeosun tells Nigerians abroad – The Cable

Kemi Adeosun, minister of finance, has called on Nigerians  in the Diaspora not to panic over the Central Bank of Nigeria (CBN) foreign exchange regime.

Adeosun, who spoke at the 2016 Diaspora conference in Abuja, described the Diaspora as a key part of the Nigerian community, which has a key role to play at this critical time.

“As the central bank has recently liberalised the exchange rate management, I urge you not to panic by joining those whom the economists terms as irrational,” she said.

“The rate will need time to settle into a predictable path that will be driven by fundamentals. Typically with such adjustments, markets will overreact and later correct back down to a fundamentally driven level and the naira will be no exception.

“Flexible exchange rates will allow our currency to adjust based on fundamental and known drivers, I point out that the recent Brexit announcement has seen the pound under pressure so it is a normal economic phenomenon and not a trigger for panic.

“Nigeria is going to rebuild stronger with a more resilient and diverse revenue base and I believe that the currency will ultimately reflect this.”