Emmanuel OchayiIn a dramatic plunge, the Nigerian Naira plummeted to a historic low of N951/$1, marking a 15.19% depreciation in the official market.
Wednesday’s trading saw fluctuations, with an intraday high of N1159.10/$1 and a low of N701/$1, showcasing a concerning spread of N458.1/$1.
Financial data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) revealed this unsettling decline, prompting experts to advocate for immediate and significant economic reforms.
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Amid this turmoil, the unofficial forex market witnessed a slight Naira gain, with rates quoted at N1165/$1 and peer-to-peer trades around N1173.51/$1.
Addressing the dire situation, Dr. Biodun Adedipe, founder of BAA Consult, called for a radical shift in economic policies. “The Central Bank of Nigeria (CBN) should declare local transactions in US dollars illegal,” he emphasized.
Adedipe urged the CBN to take measures, including mandating Naira transactions for services like rent, school fees, and medical bills, halting government agencies from charging in dollars, and altering the sale of crude oil to local refineries to be conducted in Naira.
“President Bola Tinubu should directly engage with bank CEOs to elicit support for market reforms,” Adedipe suggested, highlighting the urgency of implementing changes tailored to Nigeria’s economic structure.
He underscored that a unified exchange rate might not be the optimal policy for an economy with inherent weaknesses.
The Naira’s nosedive has sparked a critical call for immediate action, urging a paradigm shift in economic practices to salvage Nigeria’s financial stability amidst these turbulent times.
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