World Bank charges FG to synchronize Forex


The President of the World Bank Group, David Malpass, has charged the Federal Government to work out modalities towards unifying the exchange rate which presently is riddled with constant fluctuations.

The World Bank in a recent post included details about the meeting between Malpass and Vice President Yemi Osinbajo, emphasized the positive economic implications  for the Nigerian people.

Malpass urged Nigeria to take decisive action toward currency rate unification and stabilization.

He noted that a unified exchange rate in Nigeria will significantly improve the business-enabling environment in Nigeria, as well as attract foreign direct investment, and reduce inflation.

President Malpass emphasized to the Nigeria Vice President that a unified exchange rate will significantly improve the business enabling environment in Nigeria, attract foreign direct investment, and reduce inflation. 

The statement read, “President Malpass and Vice President Osinbajo also discussed the importance of increasing domestic revenues through broadening Nigeria’s tax base and increasing the efficiency of tax administration.“