Experts insist CBN must float naira to remove country from recession

Economic experts yesterday in Lagos insisted that the Central Bank of Nigeria (CBN) must float the naira to deliver the nation from the current economic quagmire, noting that the current policy of the apex bank on forex lack direction and does not boost confidence of investors.
  
The experts, who gathered at a breakfast meeting organised by the Nigerian-America Chamber of Commerce to discuss on, ‘Getting Nigeria out of recession: How the 2017 budget affects business outlook,’ said the apex bank created distortion in the economy through its multiple foreign exchange rates.
  
The noted that if the naira be floated, expectations are that the inflation would increase further, the country’s debt profile will rise, investors will be able to project adequately, poverty level will rise further, as the price of petrol and power supply, which is largely dependent on gas will rise.