Naira free fall worrisome, embarrassing, says expert

A Financial Expert, Dr Chijioke Ekechukwu, says the continued depreciation of the Naira has become worrisome and embarrassing.

Ekechukwu, an economist and a past president of the Abuja Chamber of Commerce and Industry (ACCI), said this in an interview with the newsmen on Thursday.

According to him, while many countries of the world are having their inflation rate reducing month on month, Nigeria’s inflation rate continues to rise to the roof tops as a result of a volatile exchange rate regime.

He said that standard of living had dropped to the lowest ebb.

“Cost of living has become increasingly unbearable, crime has taken over the entire country, and investors are afraid to venture into the country.

“Companies are shutting down and leaving the country and jobs are lost every day,” he said.

He also said that the country’s external reserve was being eroded monthly.

“The government has to be very decisive as a matter of urgency to remedy the ailing economy by ensuring that the exchange rate improves to more than N800 to the dollar.

“The exchange rate must be stable to enable planning and to restore confidence,” he said.

NAN reports that the Naira experienced a huge depreciation against the dollar on Wednesday, peaking at N1,830 to the dollar at the parallel market due to rising demand.

The official exchange rate, however, settled at N1,542 to the dollar.

According to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira demonstrated a modest appreciation of 0.56 per cent, ending at N1,542 to the dollar.