Exchange rate: As Emefiele moves to salvage currency with E-Naira, expert raises concerns

The interventionist approach of Emefiele has failed to spur the Naira which has been experiencing unprecedented slum, from the N165 to a dollar that he inherited in 2014 when he was appointed by former President, Goodluck Jonathan to what it is trading at currently in the parallel market.

In the middle of the pandemic, Mr Emefile penned an op-ed on what the country needs to do to mitigate the impact of the lockdown due to the pandemic. In the op-ed, the CBN governor made an argument for more intervention to increase local production. In the op-ed cited above, Governor Emefiele did not disavow the tag of protectionism, rather, he justified the tag as follows.

Even though the CBN issued the circular to banks, it has not necessarily declared it illegal, through peer to peer platforms, Nigerians continue to trade in cryptocurrency, which allows Nigerians to buy bitcoins and others directly from those willing to sell. The use of Whatsapp is also popular among traders of these crypto coins.

“The issue is not about defending the Naira or not. What we are supposed to do to stabilize the naira, we are not doing it. If you ask an economist what determines the exchange rate, they are Inflation, interest rate and output “We have experimented with all the options, floating and pegging. We have experimented with peg, which is the fixed exchange rate, we experimented float during SAP , now we have managed float exchange rate, which is a combination of both.

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