We think it’s safe to say that the naira, and the Nigerian economy in general, is in a state of higi haga.
The CBN Governor, Mr further reiterated to the Senate that the country woes were far as it was currently experiencing economic stagnation as well as inflation. He said it was inappropriate for these elements to occur at the same time. The CBN Governor further informed the Senate that the bombing of the oil refineries by the Avengers group has not helped with oil prices currently at $30 per barrel.
‘We don’t like to think of the exchange rate anymore. Before we catch heart attack.’
While economist in the country are calling for a review of the CBN policies the Senate yesterday backed up the CBN. In a statement by the lawmakers the senate re-iterated their support for CBN polices-
“The Senate also acknowledged the pains that many people may be facing at this time, especially in the light of increases in price of electricity and fuels. But having carefully considered the policies of the CBN, the Senate would like to commend and support these policies because they are mostly geared towards increasing local production, creating jobs here in Nigeria, safeguarding our Commonwealth, and expanding economic opportunities and growth in Nigeria…”
‘New currency coming out soon.’
This comes on the wheels of the fall of the naira from N368 on Tuesday to N375 on Wednesday. Foreign exchange dealers noted that the lingering scarcity of forex at the interbank market was shifting dollar demand to the black market. Analysts are asking for the Government to seek for alternative means to seek for foreign exchange to combat the worsening state of the economy.
Written by Kike Olowu