Vunderkind
Social Member
The Managing Director, Financial Derivatives Company Limited, Mr Bismarck Rewane has said that the drop in global commodity prices, as well as the need to redirect the economy following the outcome of the rebasing of the country’s Gross Domestic Product had made the depreciation of the Naira inevitable.
He predicted that the currency pressure would continue to increase, adding that the monetary tightening measures currently being adopted by the Central Bank of Nigeria is a temporary solution to the exchange rate problem.
According to him, the divergence between the official and parallel market exchange rates has now risen to N6 noting that the 22.02 per cent decline in external reserves from N48.86bn to N38.1bn had made it imperative to depreciate the Naira.
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Source:: PUNCH Nigeria
He predicted that the currency pressure would continue to increase, adding that the monetary tightening measures currently being adopted by the Central Bank of Nigeria is a temporary solution to the exchange rate problem.
According to him, the divergence between the official and parallel market exchange rates has now risen to N6 noting that the 22.02 per cent decline in external reserves from N48.86bn to N38.1bn had made it imperative to depreciate the Naira.
Click to read more
Source:: PUNCH Nigeria
