You see, many people did not think that the value of the Naira could rise again against the Dollar.
Especially, considering the speed with which the Naira kept declining on all exchange platforms against the greenback.
But looking at the recent trajectory of the Naira against the Dollar, a renowned economist has made his ‘two cents’ known to all.
Renowned economic expert, Bismark Rewane has expressed optimism that there are brighter days ahead for Nigeria’s currency, the naira, despite its recent depreciation against major foreign currencies.
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Rewane said the naira appreciated in the parallel and official markets, closing at ₦1,410.00/dollar and ₦1,475.00 at the Nigerian Autonomous Foreign Exchange Market, respectively, as per the latest data from the FMDQ Securities Exchange.
According to Rewane, the naira’s potential for sustained appreciation depends on several key factors.
One of such factors is the Central Bank of Nigeria’s (CBN) decision to increase interest rates.
He said this policy adjustment, has spurred a greater inclination towards saving over consumption among Nigerians.
Rewane opined that the continuous appreciation of the value of the naira is sustainable as long as we continue to make the right decisions.
“The truth is that it is sustainable as long as you do some things.”
He emphasised the importance of enhanced savings and reduced consumption in bolstering the naira’s value.
The renowned economist criticised the government’s handling of economic resources.
There is a need for the government to reduce its expenditures, and the travel ban is a good step in the right direction.
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However, issues such as wastage, leakages, and mismanagement within the government apparatus are challenges to the country’s financial stability.
