ASSIBIFI calls for diversification of economy to arrest Forex rises.

There is no magic wand to arrest the increase rise in foreign exchange which hovers around six hundred naira to the dollar unless the government takes the issue of diversification of the economy seriously, as Nigeria depends only on one commodity, "Oil" for her foreign exchange earnings. To achieve this, the government should encourage production of goods and services for export, encourage agriculture and for Nigerians to value and patronise locally produced goods, instead of reliance on foreign goods. These are words of the President of Association of Senior Staff of Banks, Insurance and Financial Institutions,(ASSBIFI) Comrade Oyinkan Olasanoye during a press conference in Lagos on issues in the financial sector. Comrade Oyinkan Olasanoye at the press conference. She said as long as Nigeria economy depends on foreign goods and forex has to be sourced, there will be little that the country can do, and there is no magic wand the Central bank can apply. Spe...