The Nigerian government has been urged to abandon a floating foreign exchange system and reintroduce subsidies in the power and energy, agriculture, and transportation sectors. In a communique, the Multidisciplinary Finance Professionals (MFP) said the Nigerian government should not determine the value of the naira. Instead, the group said the West African nation should opt for individualized exchange rate agreements with major trading partners. Additionally, the MFP said people should stop dollarizing all their international transactions. The MFP said the government should ban the importation of certain goods and services. The group advised the government to shun the World Bank and IMF, whose policies are not designed to suit developing economies.
Group Urges Nigeria to End Naira Float, Reinstate Subsidies
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