L
LequteMan
Guest
The Emir of Kano, Muhammadu Sanusi II, has stated that currently the naira is overvalued and doesn't reflect its worth.
According to him, if policy was implemented to allow market forces and have the Naira to find its true level, Nigeria would attract inflows of foreign exchange, which was very vital in finding solution to the current challenges facing the economy.
He said only profit and safety in the economy could drive investment flows and that if the economy receives greater inflow of dollars it would correct most of the troubles that have come with all the failures that had been seen so far. This would also make the market begin to see a gradual narrowing of the gap between parallel and interbank exchange rates, he added.
He spoke at the public presentation of Funmi Oyetunji’s book, ‘A Conscious Life’ in Lagos on Wednesday.
According to him, if policy was implemented to allow market forces and have the Naira to find its true level, Nigeria would attract inflows of foreign exchange, which was very vital in finding solution to the current challenges facing the economy.
He said only profit and safety in the economy could drive investment flows and that if the economy receives greater inflow of dollars it would correct most of the troubles that have come with all the failures that had been seen so far. This would also make the market begin to see a gradual narrowing of the gap between parallel and interbank exchange rates, he added.
He spoke at the public presentation of Funmi Oyetunji’s book, ‘A Conscious Life’ in Lagos on Wednesday.
