The Managing Director of the Centre for the Promotion Of Private Enterprise [CPPE], Muda Yusuf, said on Thursday the recent move by the Central Bank of Nigeria (CBN) to clear the forex backlog owed to foreign portfolio investors would strengthen the naira and boost the market liquidity.
Yusuf, who stated this in a chat with Ripples Nigeria, described the measure as a huge development that would open up more avenues for organisations to secure letters of credit for export.
He said: “It’s a good development, it will help to improve the confidence level in the forex market and in the economy. We just pray that they will be able to sustain it, that sustainability is what matters.
