Naira confab to focus on stable forex market, others

With recent changes in Nigeria’s foreign exchange market and the implementation of challenging reforms, stakeholders are anticipating consolidations in these measures to attract more foreign investment to the country.

Under the new political dispensation, the Central Bank of Nigeria (CBN) has undertaken significant reforms to address unorthodox policies that have hindered investment and constrained economic growth over the past eight years.

The second edition of ‘The naira conference’ themed ” The naira: Paths to institutional reforms and accelerated growth,” organised by Arbiterz Conferences in collaboration with business journalist, Wole Famurewa, will focus on consolidating these reforms and their impact on building an efficient and stable foreign exchange market.

The event, scheduled for August 10, 2023, at Four Points Sheraton Lagos, aims to facilitate discussions among key industry players.

Currently, Nigeria is receiving less foreign direct investment. Foreign investment into Nigeria turned negative last year for the first time in at least 33 years, according to new data from a United Nations agency.

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The latest 2023 World Investment Report by United Nations Conferences on Trade and Development (UNCTAD) showed that Nigeria’s FDI flows came in at -$187 million in 2022, compared to $3.31 billion in 2021.

Abimbola Agboluaje, founder of Arbiterz Conferences, emphasised the particular significance of the 2023 conference, said, “The Naira Conference presents a unique opportunity for the Nigerian private sector to influence the development of a foreign exchange regime that stimulates sustainable investment, supports economic growth, and facilitates long-term structural development.

The goal should be to establish a flexible exchange rate regime that works for all economic actors in the short and long term, regardless of the price of crude oil. We will actively disseminate the conference deliberations and outcomes to key players in the economy, the Nigerian public, and monetary authorities.”

It will commence with an address by Yokov Fred Agah, Nigeria’s chief trade negotiator and former deputy director-general at the World Trade Organisation, and will feature other keynote speakers.