Nigeria: Atiku Says He Would Remove Multiple Exchange Rate

Peoples Democratic Party (PDP) candidate, Atiku Abubakar
Spread the love

LAGOS — The main opposition candidate for next month’s presidential election in Nigeria said on Wednesday he would eliminate multiple exchange rates to attract foreign investors.

Atiku Abubakar, a businessman who served as vice president between 1999 and 2007, has portrayed himself as a champion of the private sector. He is the main challenger to President Muhammadu Buhari in a poll to be held on Feb. 16.

Nigeria has at least three exchange rates which the central bank introduced in 2015 at the height of a currency crisis triggered by low oil prices.

“I will rather allow the currency to float so that we can have a realistic single exchange rate that would be stable. That will encourage foreign investors,” Abubakar told Reuters. “We will review that policy and ensure we achieve convergence as far as exchange rate policy is concerned,” he said.

Abubakar also said he would remove a costly fuel subsidy and identify government enterprises to privatize.

About the Author

Michael Onas
Africa - Online Founder & Senior Editor Africa - Online.Com was founded by Michael Onas in 1997, in the years since the site has grown to become a world leader in African news sector, with millions of readers around the world and followers on social media.