Coronation Merchant Bank Chairman Emphasizes FX Stability for Sustainable Growth in Nigeria

Babatunde Folawiyo, Chairman of Coronation Merchant Bank, highlighted the significance of foreign exchange stability over exchange rate levels for sustainable economic growth in Nigeria. Speaking at the bank's 10th-anniversary media engagement, he commended recent FX and macroeconomic reforms for fostering a stable business environment.

Folawiyo stressed that aligning policies with sound economic principles has begun yielding positive outcomes, benefiting various sectors like infrastructure, oil and gas, manufacturing, and real estate. He emphasized the critical role of stability in the economy, cautioning against uncertainties and sharp policy swings that could harm economic progress.

The Chairman expressed confidence in Nigeria's economic future, citing the country's underbanked status as an opportunity for specialized financial institutions like merchant banks. He also noted the positive impact of Nigeria's FX reforms in reshaping the currency market and supporting long-term investment plans in infrastructure, energy, manufacturing, and housing to achieve the government's goal of a $1 trillion economy by 2030.