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To strengthen Nigeria’s macroeconomic situation and foreign exchange reserves, the International Monetary Fund (IMF) has advocated for a single exchange rate. 

In a recent keynote address at the Financial Market Dealers Association (FMDA) quarterly conference, held by First Bank Limited, IMF Representative for Nigeria, Mr. Ari Aisen, included this among other IMF policy proposals. 

To maintain competitiveness benefits from any country-wide exchange rate adjustment, he proposed complementing macroeconomic and structural reforms. 

The First Bank of Nigeria Limited’s Deputy Managing Director, Mr. Gbenga Shobo, said in his opening remarks that the Nigerian financial market has evolved over the years and that the time has come to develop strategies around which it will produce the desired results so that everyone can see and benefit from them.

Olusegun Alebiosu, Executive Director and Chief Risk Officer of First Bank Limited, stated that the bank is dedicated to assisting federal efforts to promote economic growth.

“And we are optimistic that the 2023 economy will grow generally because Nigerians are resilient, smart, and hardworking people that always come out with smart innovations. It is promising that something great will come through the economy in 2023,”

Olusegun Alebiosu, Executive Director and Chief Risk Officer of First Bank Limited

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