The Pathetic State Of The Naira And CBN’s New Forex Policy (OPEN)

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The Pathetic State Of The  Naira And CBN's New Foreign Exchange Policy . Photo Credit: Punch
The Pathetic State Of The Naira And CBN’s New Foreign Exchange Policy . Photo Credit: Punch

Currently, at N501 to a dollar, naira has continued to depreciate for the past two years.

Obviously, Nigeria’s devalued currency is one of the country’s major problems as its foreign exchange rate continues to depreciate by the wake of each day.

It was in this regard that the Central Bank of Nigeria (CBN) came up with a new foreign exchange policy which according to Premium Times will help “will ease the difficulties encountered by Nigerians in obtaining funds for foreign exchange transactions, it would henceforth be providing direct additional funding to banks to meet the needs of Nigerians for personal and business travel, medical needs, and school fees, effective immediately.”
With the current rate of the naira, an average Nigerian cannot boast of a three square meal a day nor can he afford his daily necessities.

This is a big slap on a country that calls herself the giant of Africa with nothing to show for it.
Naira is one of the most devalued currencies in Africa and it is even worse viewing it among other currencies in the world.

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Thus, it is not too much for Nigerians to urge the CBN to ensure that the new foreign exchange policy does not only strengthen the naira but should be worked upon as a matter of urgency.

As Nigerians battle with the issue of Boko Haram and herdsmen attacks, unemployment, lack of proper educational policies, affordable health care centers and other basic amenities, devalued currency should not be one of them.

In this regards, the Special Adviser to the CBN Governor on Financial Markets, Mr Emmanuel Ukeje has revealed how the new policy will strengthen the naira and we are hoping that the new policy is not just a plan on paper like always but something that Nigerians can be hopeful about.

He said:

“The whole essence of the new policy is to infuse dollar liquidity into the system and to ensure easy accessibility of end users.

“In the past we have had clamours that people were not able to pay their school fees, people were not able to buy BTA and that is why they had to go to the black market or parallel market.

“Now that the CBN have come up with a policy that has returned this into the confines of the inter-bank market and that of the bank, we believe strongly that this will take the demand off the parallel market and we expect that the Naira will strengthen as this goes on.

“In essence, it means that people who have children overseas and those who have to pay school fees or want to travel don’t have to bother rush to BDCs to be buying money or to go parallel market. “They can now source this easily from the banks and that for me, is a very big positive,’’ Punch reported.

SEE ALSO: THE DICEY PART OF EL-RUFAI’S CABINET RESHUFFLE AND WHAT OTHER GOVERNORS CAN LEARN (SEE)


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