UPGRADE 1-Nigeria'' s flexible FX model to be all set in “” instant”” – bankers

(Adds quotes, information) Details of Nigeria’s flexible
currency model will be ready in a “short while”, the head of
United Bank for Africa (UBA) stated on Thursday after chief
executives of the country’s loan providers met reserve bank
authorities. Phillips Oduoza, CEO of UBA, informed press reporters after
the lenders committee meeting that the central bank had actually gotten
lots of input from stakeholders which was being studied with a.
view to developing a robust flexible exchange rate design.

” We want to make sure that we come up with a design that is.
very robust and detailed that would be able to address the.
major exchange rate problems that we have been handling,”.
Oduoza said. “To this degree we have got a great deal of inputs from various.
stakeholders. I believe that in an extremely brief while the framework.
is going to prepare.”.

The reserve bank revealed last month strategies to abandon the.
naira’s 15-month peg to the dollar, which has actually overvalued the.
Nigerian currency, hurt investments and caused the economy to.
agreement.

Nevertheless, the bank has yet to clarify how the brand-new policy.
would work, terrifying foreign investors, long fretted about.
getting captured in the middle of a currency decline. “We believe it is essential to obtain it right … so you must.
workout a little bit of persistence but we are coming up with a.
structure that will attend to a great deal of the problems that surround.
the forex in Nigeria,” he said.

( Reporting by Camillus Eboh; Writing by Chijioke Ohuocha;.
Modifying by Alexis Akwagyiram and Robin Pomeroy).

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