Business
Experts List Gains Of New Forex Policy

Some financial experts
have said that the first Naira-Settled OTC FX Futures Market launched by the Central Bank of Nigeria (CBN) and FMDQ OTC Securities Exchange if well implemented would enhance foreign portfolio investment in the country.
They told our correspondent in Lagos that the Nigerian Stock Market and the economy would benefit from the initiative when properly handled.
The President, Association of Stock Broking Houses of Nigeria (ASHON), Mr Emeka Madubuike said that proper implementation of the initiative would boost foreign portfolio investment.
Madubuike said that the product would accord foreign investors the ability to repatriate their funds without any restriction, adding that, it would bring transparency to the foreign exchange market.
“It will be easier for people to move their funds from one place to the other with the introduction of the Naira-Settled OTC FX Futures Market”, he added.
He explained that the stock market would benefit more from the product if it was properly implemented.
Madubuike stated that the country’s productivity level would be efficient importers would be able to continue with their production with enhanced access to forex.
He stated further that the product would enable to country to clear backlog of forex incurred in the past.
The ASHON president said that the backlog was as a result of the nation’s dependent on importation which put pressure on the foreign exchange market.
“We are still watching its implementation process but if well implemented will affect the stock market and the economy positively”, Madubuike said.
The Chief Executive Officer, Stanbic IBTC Nominee, Mr Akeem Oyewale said the product would give certainty to investors especially the institutional portfolio investors to invest in Nigeria.
“It will allow them to get an idea of how much they can get their dollar whenever they so desired.
It allows investors to be more comfortable dealing with equities market in Nigeria.
“So if you are planning to get dividend of certain amount in the next three months and you want to fix your dollar you can go to the futures market to do it based on the offers and quote that you have in the market”, Oyewale said.
Oyewale said that the futures market in Nigeria would be a sustainable and stable market because of the credibility of the institutions driving the products.
The Tide reports that the apex bank and FMDQ have on Monday recorded another feat with the launch of the first Naira-Settled OTC FX Futures Market.
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