The Nigerian Naira witnessed a 0.85% decline, closing at N861.91/$1 at the official market on Thursday, revealing an ongoing economic challenge. Experts warn of repercussions if decisive actions aren’t taken.
The intraday high hit N1,249/$1, showcasing volatility within the market, while the intraday low settled at N700/$1, indicating a vast spread of N549/$1.
Financial analysts advocate a pivotal shift in economic policies, urging the Central Bank of Nigeria (CBN) to initiate measures to stabilize the currency. Dr. Biodun Adedipe of BAA Consult proposed a series of reforms to curb the Naira’s free fall.
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“De-dollarizing local transactions is crucial,” states Adedipe, emphasizing the need for government interventions.
He suggested enforcing the use of Naira in local transactions and altering the sale of crude oil to local refineries from dollars to Naira.
The call extends to engage banking CEOs for ideas and support for market reforms, emphasizing the necessity of confronting the reality of Nigeria’s economic structure.
As the Naira’s value fluctuates, these proposed reforms aim to stabilize the currency and fortify the economy against further depreciation.
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