Following the Naira floating and the liberation of the foreign exchange market by the Central Bank of Nigeria, an economic expert, Dr Boniface Chizea, has said the changes would help increase the country’s revenue collection.
Chizea, the Chief Executive Officer of BIC Consultancy Services, disclosed this on Friday in his comment regarding CBN’s operational changes to the foreign exchange market.
DAILY POST had reported that CBN directed commercial banks to freely trade foreign exchange at a market-determined rate, leading to removing the cap on forex at the Investor and Exporters’ window.
While supporting the development, Chizea said it would lead to a 200 per cent increase in the country’s revenue from oil.
However, he stated that the situation would result in a rise in the Nation’s external debts because of its effect on Naira.
“This development will have far-reaching implications at the fiscal authority’s level. For the Budget, it will translate to a quantum leap in revenue calculations.
“Therefore all estimations of revenue flows from oil will increase in Naira terms by more than 200 per cent”, he stated.
Credit:dailypost.ng
