A financial analyst and educator, Kalu Aja, has advised the Nigerian government to utilize the window period provided by the Central Bank of Nigeria, CBN. In an earlier report, Naira’s appreciation against the US dollar continued on Monday, exchanging N1,290 and N1,382.95 per USD at both parallel and official foreign exchange markets amid the Central Bank of Nigeria’s interest rate hike.
However, the financial expert argued that Naira’s appreciation in the foreign exchange market was due to FX intervention by the Central Bank of Nigeria to Bureau De Change operators.
Aja noted that the move would not be sustainable without huge foreign reserves as the problem with Nigeria’s forex crisis is the fall in exports, especially crude oil exports. So I am amazed at the abuse and vitriol, your abuse will change nothing, economics does not care about your feelings.
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