October 20, 2021
Economy

Here’s how we can save the naira from hitting 1,000 per dollar?

In the past few weeks, I have written extensively about the naira and Nigeria’s foreign exchange regime. As a result, I have got quite a lot of feedback from virtually all strata of society. Through it all, one thing has remained constant: How can we save the naira from hitting 1,000 per dollar?

As of September 27, 2021, the naira had touched another low of 580 per dollar at the parallel market. That is a fine of N420 from N1,000. But in these conversations on and off social media, Nigerians are quick to say, “the naira will soon hit 1,000 per dollar”. Sadly, history teaches these conversations may be exaggerated, but they are not totally out of line.

In an interview with Punch, Taiwo Oyedele, Fiscal Policy Partner at PwC, was asked if Nigeria should redenominate the naira by removing a few zeros to make the naira seem strong. He said no, that the Ghana plan

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