Experts have expressed different opinions on the fall in the value of the Naira The World Bank has published a report that since the middle...
.jpeg "Experts have expressed different opinions on the fall in the value of the Naira")
Experts have expressed different opinions on the fall in the value of the Naira
The World Bank has published a report that since the middle of June 2023, the value of the Naira has decreased by 40 percent. This shows that the Naira has become the most damaged currency among the currencies traded in African countries. Experts have spoken out.
The World Bank has shown that the decline in the value of the Naira is the result of the Central Bank of the country's decision to remove trade restrictions in the Government markets, which shows that the stability of the exchange market has increased the problems of inflation in the country.
The report said that the Naira fell from 473.83 per dollar to about 800 Naira per dollar officially.
According to the World Bank, it was from March 2020 to June 2023 that the difference between the official exchange rate of the Naira was seen, which made an expert in the field of international economics, Shu'aibu Idris Mikati said that the report came as a surprise to him.
Mikati said that if the statements of the International Credit Commission and the World Bank are followed regarding the way of trade with foreign countries, it should be remembered that they themselves often push to stop having a two-tone market, that is to say There is a government market and a side market.
Mikati added that now the government that has come to release the price of one dollar, and then come out with the information that the Naira is among the currencies of the African continent and its value has fallen, it is wrong according to him, because the bank The world will look closely and he will see that the value of the Sudanese currency has fallen by 77 percent in this period, as well as that of Somalia.
He is also a teacher at Kashere University in Gombe State, and an expert in the field of economics, Dr. Isa Abdullahi, commented that Nigeria has entered a crisis in currency exchange as stated by the World Bank, this shows that if the naira is compared to the currencies of countries such as the Cedi of Ghana and the CFA of the French countries surrounding Nigeria, it will be seen that the value of the Naira is more damaged than any of them.
Isa said that now one CFA is worth more than one Naira, that's why this report issued by the World Bank is because one dollar is now being exchanged for one thousand Naira.
He also said that Nigeria has done it again, because everything in the country is based on foreign money.
Jamilu Mohammed, said that as a Nigerian, this report is disappointing, because if we look at it, it will be noted that Nigeria has some economic and social foundations that can absorb this threat and the shock brought by the change movement.
Jamilu said that this is a sign that Nigeria's economy has suffered a setback in this period as stated by the World Bank, but he hopes that the country will regain its strength soon.
The World Bank has recommended that the country's banks allow the exchange of Naira against the dollar and other international currencies.