Nigeria should switch to managed currency float, says Ecobank CEO Albert Essien

Albert Essien, CEO, Ecobank

Nigeria, whose currency lost almost 8 percent against the dollar this year, would benefit from letting market forces have more say over its exchange rate, according to Albert Essien, chief executive officer of Ecobank Transnational Inc.

“I would move to a regime of managed floating of the currency,” Essien, head of the largest pan-African lender which is active in 36 countries, said in an interview at Bloomberg’s office in London on Friday. “I don’t see how they can manage to intervene the way they are doing. I need to know how they could continue to hold on.”

Read more: Nigeria Should Switch to Managed Currency Float, Ecobank Says – Bloomberg Business