In a positive turn of events, the Nigerian naira has shown significant improvement against the United States dollar on the Nigerian Autonomous Foreign Exchange Market (NAFEM), the official exchange rate window. The naira is now exchanging at N843.07/$1, marking a substantial recovery from its recent dip to N951.22/$1 on Wednesday.
Data sourced from FMDQ Securities Exchange reveals a fluctuation in the naira’s performance. It depreciated to N951.22/$1 on Wednesday, having traded at N837.77/$1 on Monday and N806.73/$1 on Tuesday.
Specifically, the naira kicked off trading at the NAFEX market at N841.50 and concluded at the improved rate of N843.07/$1.
Amidst these currency movements, economist Dr. Austin Nweze is urging the federal government to address the consistent devaluation of the naira against the US dollar. Nweze, affiliated with the Lagos Business School, advocates for an inward-focused approach to tackle the foreign exchange crisis.
Nweze stresses the importance of a comprehensive national strategy, encompassing short, medium, and long-term plans. Central to this strategy is the promotion of local production, with a target that 80% of goods consumed in Nigeria should be domestically manufactured.
In his words, “The government needs a strategic approach that spans short, medium, and long term. Emphasizing increased production is key, and there must be a well-thought-out plan on how to achieve this.”
