By Emeka Anaeto  

Chairman of brokerage firm, Parthian Partners Limited, owners of digital investment platform, i-invest, Dotun Sulaiman, has expressed optimism about the potential impact of the proposed policy documentation by Central Bank of Nigeria, CBN, on rules of the foreign exchange market operation in Nigeria.

Sulaiman said this during an interview with journalists on the sidelines of the just concluded National Economic Summit in Abuja, yesterday.

The CBN governor, Yemi Cardoso, had disclosed during a panel session at the summit that the bank will publish robust policy documentation on what the rules of the foreign exchange market operation will be in the coming weeks.

Sulaiman believes that these measures could bring much-needed order and discipline to a market that has been described as “a jungle” due to its lack of clear rules and accountability.

He stated: “The role the CBN Governor is coming up with is the answer to the free fall. When you have a market that is almost like a jungle, where there are no rules, anything comes and goes, what you get is what we are getting now.”

 He emphasized the importance of clear and enforceable rules for the market, citing the current lack of transparency in exchange rates as a prime example of the challenges facing Nigeria’s economy. He stated that the problem in Nigeria is not just the lack of rules but also the failure to enforce the existing ones but in the enforcement of rules and the development of a more organized regulatory environment.

Speaking on investment, Suleiman stressed that investment decisions require a clear understanding of the parameters and factors influencing the market, both controllable and non-controllable. 

He believes that discipline and confidence in the system are essential to inspire investment, as no one is willing to invest in a situation characterized by unpredictability.