We Need To Deal With Multiple Forex Markets, Inflation – Buhari

President Muhammadu Buhari has said the challenge of foreign exchange arbitrage (multiple forex markets) will have to be confronted frontally to encourage investments.

The president spoke on Monday in Abuja while declaring open the 28th edition of the Nigerian Economic Summit. He was represented by Vice President Yemi Osinbajo.

Speaking on the theme of the summit, “2023 & Beyond: Priorities for Shared Prosperity,” the presidential address focused on key issues to drive growth and prosperity, including the National Development Plan 2021 – 2025, and the impact of the Economic Sustainability Plan, among others.

The president noted that Nigeria’s current exchange rate is a cause for concern and we must manage the situation. He said the supply side must be improved and the demand managed as well adding that we have a mechanism for managing both transparently.

He said, “The discussion that we must have, shorn of sentiments, is how best to manage the situation by finding a mechanism for increasing supply and moderating demand, which will be transparent and will boost confidence.”

The president also emphasised the need for urgent action to reduce inflation, noting that inflation is both a tax on the poor and disrupts long term growth.

“We would need to increase domestic production of food and ensure that it gets to the market” to rein in inflation, noted the president.