The poor Naira – “The naira, Nigeria’s currency, has been on a downward spiral since the beginning of the year, losing more than 40% of its value against the US dollar. This is the worst performance of the naira since 1999, when the country returned to democracy after decades of military rule.”
Naira needs air to breathe, and the special air is created in factories and warehouses (the modern and old). Our finance-first strategy, over manufacturing-first strategy, will never save the Naira.
As a nation, we’re over finance-lized as everyone knows the CBN governor, Finance Minister, but few care to know who the Science & Tech minister is. That is our problem, and it must change for Naira to breathe.
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The naira, Nigeria’s official currency, has been on a downward spiral since the beginning of the year, losing more than 30% of its value against the US dollar. This is the worst performance of the naira since 1999, when the country returned to democracy after decades of military rule.
The naira’s woes are largely driven by the collapse of oil prices, Nigeria’s main source of foreign exchange, as well as the impact of the COVID-19 pandemic on the economy. The Central Bank of Nigeria (CBN) has tried to defend the naira by devaluing it twice this year, but this has not stopped the pressure on the currency.
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