Nigerian Presidential Candidate Says Fixed Exchange Rate Regime 'Has to End' — Touts Success of Fintech Unicorn Flutterwave – Featured Bitcoin News

Immediately following the CBN’s allegations, Nigeria’s anti-corruption body, the Economic and Financial Crimes Commission on currency dealers and bureau de change operators in and around the Wuse Zone 4 area of Abuja. The EFCC’s raid on currency speculators initially appeared to spark the naira’s recovery. However, more than a month later, the naira’s exchange rate had returned to over N700 per dollar.

The truth is that for long market forces have not determined the exchange rate of the naira. The two-tier foreign exchange regime is a fluke. It has to end. Let the exchange rate be determined by the forces of demand and supply. It is that simple. In addition to abandoning the fixed exchange system, the Labour Party candidate said when elected his government will not fight inflation using price and wage controls. Instead, it will “pursue a contractionary monetary policy.”

Meanwhile, in the same thread, Obi also touted the Nigerian fintech startup Flutterwave, which has since become a billion-dollar company. To ensure that more startups similarly succeed, Obi said his government “will create an enabling environment for our startups to thrive.” This will be done by enforcing a legal framework that protects both “foreign investors and their indigenous partners.

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