By Aliu Joshua
The Nigerian naira has continued to depreciate against the US dollar, as high demands for foreign exchange (FX) have added pressure on the currency. The development has raised concerns among industry stakeholders, who have called for urgent measures to stabilize the currency.
The naira has been under pressure in recent weeks, due to high demands for FX from importers and other stakeholders. The development has led to a shortage of FX in the market, resulting in a depreciation of the naira.
Industry stakeholders have attributed the high demands for FX to the country’s reliance on imported goods. They noted that the country’s manufacturing sector is still underdeveloped, leading to a high demand for imported goods.
The development has raised concerns among industry stakeholders, who have called for urgent measures to stabilize the currency. They noted that the depreciation of the naira could have far-reaching implications for the country’s economy, including higher prices for imported goods and a reduction in the country’s foreign exchange reserves.
The Central Bank of Nigeria (CBN) has pledged to take measures to stabilize the currency. The CBN has introduced various policies aimed at reducing the demand for FX and stabilizing the currency.
Industry stakeholders have welcomed the CBN’s efforts to stabilize the currency. They noted that the measures introduced by the CBN are a step in the right direction, but more needs to be done to address the underlying issues affecting the currency.
The development is seen as a significant challenge for Nigeria’s economy. The depreciation of the naira could have far-reaching implications for the country’s economy, including higher prices for imported goods and a reduction in the country’s foreign exchange reserves.
