This week, the Nigerian Naira has shown a positive trend in the foreign exchange markets. In the parallel market, the Naira strengthened to ₦1,475 per dollar, slightly improving from last week’s ₦1,480 per dollar. Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated to ₦1,468.99 per dollar, up from ₦1,497.33, marking a significant gain of ₦28.34.
This improvement has resulted in a narrower margin between the parallel market and NAFEM rates, currently at ₦6.01 per dollar, reduced from ₦10.33. Such a convergence indicates a more stabilized forex environment, potentially easing inflationary pressures.
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Amidst these financial shifts, Ridwan Olanrewaju, a prominent member of the Peoples Democratic Party (PDP), has voiced concerns over the current economic leadership. In a candid interview with Legit, Olanrewaju urged President Bola Tinubu to reconsider the appointments of Yemi Cardoso, the Central Bank of Nigeria (CBN) governor, and Wale Edun, the Minister of Finance. He criticized their policies for not sufficiently fortifying the Naira.
Olanrewaju highlighted the government’s recent actions against cryptocurrency exchanges, particularly Binance, as misguided. He argues that these financial platforms are not the cause of the Naira’s volatility. Instead, he attributes the instability to poor policy decisions that have led to reactionary measures rather than strategic economic planning.
The PDP chieftain expressed frustration with the current administration’s tendency to shift blame rather than address the underlying issues. He accused the government of scapegoating entities such as parents sending their children abroad, Bureau de Change (BDC) operators, and even external economic factors. Olanrewaju insists that a genuine solution would involve a complete overhaul of the economic advisory team, urging the President to appoint individuals capable of implementing robust and effective financial strategies.
This critique underscores a broader call for transparency and accountability in Nigeria’s economic governance, urging a shift towards policies that strengthen the national currency and promote economic stability.
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