{"id":766,"date":"2021-03-15T19:19:17","date_gmt":"2021-03-15T19:19:17","guid":{"rendered":"https:\/\/mydailybells.com.ng\/businessbells\/?p=766"},"modified":"2021-03-15T19:19:17","modified_gmt":"2021-03-15T19:19:17","slug":"wto-worried-about-nigerias-exchange-rate-regime-says-okonjo-iweala","status":"publish","type":"post","link":"https:\/\/mydailybells.com.ng\/businessbells\/wto-worried-about-nigerias-exchange-rate-regime-says-okonjo-iweala\/","title":{"rendered":"WTO Worried About Nigeria\u2019s Exchange Rate Regime, Says Okonjo-Iweala"},"content":{"rendered":"<p>&nbsp;<\/p>\n<h6><span style=\"color: #0000ff;\"><strong>The Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, says the world trade body is worried about Nigeria\u2019s multiple exchange rate regime and how it affects international trade.<\/strong><\/span><\/h6>\n<p>&nbsp;<\/p>\n<p>While responding to questions from journalists after a meeting with President Muhammadu Buhari in Abuja on Monday, the former finance minister said some member states of the WTO have complained about Nigeria\u2019s invoking the balance of payment agreement to make to be able to conserve foreign exchange.<\/p>\n<p>&nbsp;<\/p>\n<p>\u201cWTO has one of the agreements of balance of payments, and Nigeria certainly invoked this to be able to conserve foreign exchange. But some other members have brought a complaint against us (Nigeria) that we shouldn\u2019t have used this article in that way,\u201d she said.<\/p>\n<p>&nbsp;<\/p>\n<p>\u201cYes, the WTO is concerned about foreign exchange, the way we manage it, the way we use it, and how we use it to support manufacturing or imports and exports in our economy.\u201d<\/p>\n<p>&nbsp;<\/p>\n<p>Okonjo-Iweala said she will meet with Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), to further discuss the situation.<\/p>\n<p>&nbsp;<\/p>\n<p>\u201cI think that we had that discussion with them, they complaints about the exchange rate regime and we (Nigeria) try to explain.<\/p>\n<p>&nbsp;<\/p>\n<p>\u201cI shouldn\u2019t say we because I\u2019m now DG WTO, it is for Nigeria\u2019s representative to explain to the WTO, to those members complaining why we\u2019re doing this.<\/p>\n<p>&nbsp;<\/p>\n<p>\u201cBut eventually, I think having a strong exchange rate and being able to phase out of this, I think we\u2019ll be heading in that direction. We\u2019re also going to see the governor of the central bank, and will undoubtedly discuss some of these issues.\u201d<\/p>\n<p>&nbsp;<\/p>\n<p>Commenting on the non-functioning WTO\u2019s dispute settlement system, Okonjo- Iweala said there would be discussions with all members including the United States on how to make it work again.<\/p>\n<p>&nbsp;<\/p>\n<p>She said this was because the rules-based organisation could not continue to make rules without its dispute settlement system operating effectively.<\/p>\n<p>&nbsp;<\/p>\n<p>On COVID-19, the DG said the trade organisation would contribute more to the solutions of vaccines therapeutics and diagnostics, especially to poor countries.<\/p>\n<p>&nbsp;<\/p>\n<p>She advised the Nigerian government to establish local vaccine manufacturing companies as the coronavirus pandemic will not be the last.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; The Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, says the world trade body is worried about Nigeria\u2019s multiple exchange rate regime and how it affects international trade. &nbsp; While responding to questions from journalists after a meeting with President Muhammadu Buhari in Abuja on Monday, the former finance minister said some member [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":767,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[4],"tags":[459,235,338],"class_list":["post-766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-nigerias-exchange-rate-regime","tag-okonjo-iweala","tag-wto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>WTO Worried About Nigeria\u2019s Exchange Rate Regime, Says Okonjo-Iweala &#8212; Business Bells<\/title>\n<meta name=\"description\" content=\"The 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