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The Naira Will Continue To Appreciate If Right Policies Are Put In Place – Rewane
Renowned economic expert, Bismark Rewane has expressed optimism about the future of Nigeria’s currency, the naira, forecasting brighter days ahead despite its recent depreciation against major foreign currencies.
Speaking on Channels Television’s Politics Today on Thursday, Rewane highlighted the naira’s recovery in the parallel and official markets, closing at 1,410/dollar and N1,475 at the Nigerian Autonomous Foreign Exchange Market, respectively, as per the latest data from the FMDQ Securities Exchange.
TrackNews Media reports that Rewane attributed the naira’s potential for sustained appreciation to several key factors, including the Central Bank of Nigeria’s decision to increase interest rates.
This policy adjustment, according to him, has spurred a greater inclination towards saving over consumption among Nigerians.
“The truth is that it is sustainable as long as you do a number of things,” Rewane stated, emphasizing the importance of enhanced savings and reduced consumption in bolstering the naira’s value.
However, Rewane criticized the government’s handling of economic resources.
He pointed out that despite measures such as travel bans aimed at reducing government expenditure, significant issues like wastage, leakages, and mismanagement within the government apparatus still pose challenges to the country’s financial stability.
The economic expert’s comments come at a critical time when the naira has experienced sharp falls against major currencies, stirring widespread concern among investors, business owners, and the general populace.