Naira: Five things Nigerians must do to keep Naira from devaluation

Nigeria’s national currency Naira devaluation of late is worrisome and this has come with many surprises. In the past two weeks, Naira depreciation has resumed, almost vanquishing the currency gains at the foreign exchange market in the last two months. And a lot of Nigerians are wondering of what could be wrong.

The National President of the Association of Bureaux De Change of Nigeria, ABCON, Dr Aminu Gwadabe, Ariemu Ogaga, who spoke on some reason for recent Naira depreciation and solutions to attaining foreign exchange stability in Nigeria.

He stated that the Central Bank of Nigerian (CBN) is working to achieve stability in the Naira value. it is leveraging on business development company’s (BDC) to achieve stability and meet the invisible demand of the critical retail end of the market for the provision of school fees, medical fees, personal uses.

He has recommended that in order to ensure that Naira is not devalued totally, Nigerians must do this basic  five things:

  •  Amnesty for citizens who want to bring their home holdings into the Dom accounts with less tiresome documentation requirements.
  • Also, there is the need for Diaspora remittance bonds to attract the huge, constant and cheap diaspora remittance proceeds.
  • There should also be continued conversation on our oil production capacity through foreign investments to boost capacity and outputs in the medium to long term
  • Avoid Japa Syndrome: We should continue to empower our youth through innovations, skills, and job creation to tame the failure of Japa syndrome
  • And finally, lets  avoid currency substitution, hoarding, speculation and round-tripping

He has also advised Nigerians to be cautious, as the Government and the CBN  are working together  to ensure the liquidity of Naira and strengthening its value

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