A financial expert has expressed concern over the rapid depreciation of the Nigerian currency. It may interest you to know that the naira was sold at one thousand one hundred to the dollar on Friday, October 19th. In an interview with our reporters, Mr. Chidi Emmanuel Olu said the Nigerian currency is losing its relevance and value, and the dollar is gradually replacing the naira because of its high charge rate. He said we have allowed the country to drift for a long time and we shouldn’t allow the dollar to be a replacement for the naira.
The financial expert Mr. Chidi Emmanuel however appeals to the federal government to ensure that the Nigerian currency remains our viable legal tender. He explained that as long as the demand for dollars and other currencies is higher than the supply, the naira will continue to depreciate. He therefore urged the federal government to look into productivity and stop the importation of crude oil and others to stabilize the naira, explaining that if we don’t produce and we import virtually all we need, then we will definitely need to raise foreign currency to import those goods.
Also speaking on this, Mr. Tobias Okamadu an importer said that more devaluation of the currency will crash the economy which has already been seriously in shambles. According to him, the country should not depend on oil but build industries and engage in agriculture to boost the economy and strengthen the Naira. He further explains that the export of agricultural commodities such as cocoa, palm oil and other tropical products will present tremendous opportunities to earn foreign exchange and strengthen our national currency which is the naira.
