For those who had feared and most probably predicted the worst fate for the naira, it must have come as a surprise that the currency has in the past few days been making spirited gains. From hitting the lowest ever level of N1,315/$ in the week ending October 28, the currency continues to gain strength such that by last weekend, it had exchanged for N950/$ on the average in the same parallel market.
Yes, we know what happens when the exchange rate goes up; everything from transport costs to prices of basic consumer items goes up with it. Indeed, such has been the lot of the citizens in the past few months following the removal of petrol subsidy, necessitating the rash of palliatives across the board to ameliorate the cost of living crisis.
Suddenly, it is like the Central Bank of Nigeria or the federal government could print dollar notes just as in the days of yore when Emefiele and company churned out crisp naira notes as they pleased! Now that the chicks are home to roost, it is like some people are expecting the government to conjure the miracle of turning stone to bread.Yes, we must thank God that naira is steadily improving.
The long and short of the story is that the naira is in bad shape against major currencies mainly because the country has little else – aside oil – to export.
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