First Bank CEO calls on Nigeria to end FX trading restrictions and devalue Naira

Bisi Onasanya, CEO, First Bank of Nigeria

Nigeria needs to let the naira devalue as foreign-exchange trading restrictions used to keep the currency stable are starting to harm growth in Africa’s largest economy, said the head of the country’s biggest lender by assets.

“People just don’t believe the central bank has what it takes to sustain the exchange rate at the present level,” First Bank of Nigeria Ltd. Chief Executive Officer Bisi Onasanya said in an interview during a Bloomberg conference at the Nigerian Stock Exchange in Lagos on Thursday.

“The market needs to reopen. You cannot peg the naira at a level that the whole world knows is unrealistic, ” Onasanya added.

Read more: First Bank CEO Calls on Nigeria to Devalue Naira After Curbs – Bloomberg Business