The Nigerian naira weakened to N1,387 per dollar as external reserves fell to $49.29 billion by late match. This marginal depreciation reflects the ongoing pressure in the foreign exchange market, according to Okay News.
The reserve saw a decline of approximately $547 million over the period, indicating persistent pressure on the currency despite market reforms.
Here is the link to the news:Naira Slips to N1,387/$ as External Reserves Decline to $49.29 Billion , more details :
https://www.beloud.com/news/130933517I quite understand that fiat currency like naira is liable to depreciation, but i think the federal government has a role to play on this, and if only they will do the right thing, the strength of naira can be restored with time.
Nigeria have so much depended on importation of many products to survive, such as fuel, machinery and food.
We produce fuel and our soil is fertile for agriculture, but we import these things from other countries, and this over dependence on the products that Nigeria is even meant to supply to other countries is one of the things that is aiding to weaken the naira currency.
What is your take on this?
