• Privacy Policy
  • Terms
  • About us
  • Contact Us
Wednesday, March 22, 2023
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

How preferences, policies dwindle Naira value

Naira

The Matters Press by The Matters Press
March 26, 2022
Reading Time: 3 mins read
0
Buhari launches eNaira, first digital currency in Africa

The Managing Director/Chief Executive Officer, Cowry Assets Management, Mr Johnson Chukwu, has said lifestyle changes of Nigerians, among other reasons, made the Naira to lose its pre-1986 strength against the dollar.

RELATED POSTS

Africa’s trade needs to expand for deeper regional integration – ECA

Investors’ worth on NGX drops by N16bn

ECA explains Africa’s progress, challenges of AfCFTA implementation

Chukwu spoke as part of panelists at a colloquium on ‘Addressing the Foreign Exchange Question in Nigeria” during a seminar for Finance Correspondents and Business Editors, in Akure.

The Central Bank of Nigeria (CBN)-organised seminar, which entered its second day on Friday, has the theme, “Exchange Rate Management and Economic Diversification in Nigeria: The ‘PAVE’ Option.”

Chukwu said the Naira, over the years, lost its strength partly due to the change in taste of Nigerians, the country’s growing population and some policies, among others.

He said in 1960 for instance, the population of Nigeria was about 46 million and the taste for foreign things was rather low.

ALSO READ  NURTW urges members to accept old naira notes

He said travelling abroad was also not very attractive as it is today, while the groundnut pyramids, cocoa and oil palm were utilised in strengthening the nation’s economy.

He said with many industries operating in Nigeria, importation of many items was not necessary, resulting in low demand for foreign exchange.

He said today, the situation had changed, with the population exceeding 200 million, industries ‘killed’ by policies, and a love for foreign goods.

Chukwu said all these put pressure on demand for foreign exchange, which was worsened by the non-addition of value to products in the country.

He said Nigeria must look seriously at the kind of labour being produced by reviewing its educational system, to have products that would be competitive internationally.

Chukwu said the government must embrace Science, Technology, Engineering and Math (STEM) to be able to increase productivity, enhance exports and reduce imports, and attendant foreign exchange demand.

According to him, human capital development is very important to be more productive and have internationally accepted products that can help earn foreign exchange to shore up the Naira.

ALSO READ  Nigeria hosts Saudi investors in March

Prof. Mike Obadan, Chairman, Goldman Education Academy, Benin City, said the Naira recorded a 99.51 per cent depreciation between 1986, when the Structural Adjustment Programme was introduced, and 2021.

Obadan, in his paper titled, “Overview of Exchange Rates Management and Economic Diversification in Nigeria,” said a table indicating the depreciation showed that the Naira in 1985 was 0.85 to a dollar, but closed 2021 with N435 to a dollar.

As at February 2022, it stood at N419.98 to a dollar.

Obadan suggested ways to improve foreign exchange earnings and achieve exchange rate stability.

Obadan, also a member of the Monetary Policy Committee of the apex bank, said there should be moral suasion to encourage Nigerians to patronise home-made goods.

He said they should be encouraged to reduce their high propensity for importation of all kinds of goods and services, and import only when absolutely necessary.

“They should also eschew unhealthy speculation in foreign exchange as well as rent-seeking behaviour and adopt positive attitudes towards ensuring a stable exchange rate for the Naira,” he said.

ALSO READ  Anambra resident adopting cashless transactions due to scarcity

Among other things, Obadan also called for revival and rebuilding of the productive sectors of the economy to achieve higher capacity utilisation and competitive manufactured exports.

He said there was a need for strong government encouragement of local refining of petroleum products for both domestic consumption and exports as well as reduce foreign exchange demand to import refined petroleum products.

A business journalist, Mr Boason Omafaye, who anchored the session, said Nigeria should consider the South Korean model of teaching STEM subjects in local languages.

He said by so doing, everyone would understand what was taught and learners would be able to maximise their potential for the benefit of the country.

Dr Tope Fasua, CEO, Global Analytics Consulting Ltd., a panelist, said the CBN interventions to stabilise foreign exchange rates were in order as it could not afford to sit back.

Tags: Naira
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

UNECA urges media to pressure govts on policies
Economy/Technology

Africa’s trade needs to expand for deeper regional integration – ECA

March 21, 2023
Trading in Nigerian stock market dips further N83bn
Economy/Technology

Investors’ worth on NGX drops by N16bn

March 21, 2023
AfCFTA’s potential for enterprises dominates discussion
Economy/Technology

ECA explains Africa’s progress, challenges of AfCFTA implementation

March 21, 2023
Fraud in banking sector, mostly insider instigated
Economy/Technology

Norrenberger completes takeover of 60% equity in Infrastructure Bank

March 21, 2023
Economy/Technology

Africa’s trade needs to expand for deeper regional integration – ECA

March 21, 2023
July petrol pump price ranges between N140.80 and N143.80
Economy/Technology

Petrol price increased by 54.76% a litre in one year – NBS

March 21, 2023
Next Post
Buhari unveils rice pyramids in Abuja

Nigeria inaugurates rice producers, millers and marketers association

Supreme Court voids Executive Order 10, hard time awaits institutions

Justice Ekwo hits governors

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Group bemoans level of crude oil theft

Court restrains issuance of licences on marginal oil fields

May 26, 2022

The Most Outrageous Kim Khasyian Outfits of All Time

December 8, 2021
Black cap group, 40 vehicles for Buhari’s campaign

Jamaica plans to source vehicles from Nigeria- High Commissioner

February 12, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Africa’s trade needs to expand for deeper regional integration – ECA
  • Investors’ worth on NGX drops by N16bn
  • ECA explains Africa’s progress, challenges of AfCFTA implementation

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2022 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2022 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?