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Naira Depreciation: ‘Buhari refused to devalue Naira, because the economy is sinking’ – Boniface Chizea

TVC E. Buhari explained that the nation has lost greatly from the devaluation of the currency in terms of growing the economy and creating employment for the youth, as employers who had to take bank loans to import raw materials and machines are running their industries at a loss.

Financial Analyst Boniface Chizea a guest at TVC Breakfast Show today Wednesday 20th 2016 has stated that we are in the level of depreciation. He believes demand must be improved.

He also said although the president does not believe in devaluation but he doesn’t have a choice because the economy is sinking.

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Since December 2008, the Naira has declined by 55% from N116 to approximately N180 and it appears that it is heading even lower. At the current pace the Naira will be trading at over N200 to $1 Dollar before the end of March 2009.

The continued volatility in the Naira will prove disastrous to the Nigerian economy. Although the Central Bank of Nigeria (CBN) has implemented several measures to slow the devaluation, it appears none of the measure has worked thus far.

There appears to be panic in the forex market either due to real concerns or fears spread by speculators.

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