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In July 2022, the RBI had asked banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency.
India has been trying to promote rupee trade following the Russia-Ukraine war and the sanctions imposed by the West.
Experts in the financial sector have urged the incoming Minister of Finance and Coordinating Minister of Economy, Wale Edun to address the foreign exchange challenge and other fiscal issues in the economy. Former Director General of the Lagos Chamber of Commerce and Industry (LCCI), Dr. Muda Yusuf said the Foreign exchange policy reform must be…
The obligation to park export proceeds domestically is needed to secure foreign exchange reserves and strengthen the rupiah exchange rate. However, this step needs to be accompanied by strong incentives so as not to harm exporters.
Experts in economy have commended the unification of the exchange rates by the Central Bank of Nigeria (CBN) but cautioned that the policy should be