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Who Will Save the Naira?

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The precipitous depreciation of the naira, Nigeria’s currency against the US dollar since the last quarter of 2014, seems to be creating confusion in the market place.
While the sag in oil prices justified the weakening of the naira, it also presage further troubles for the growth of the Nigeria economy.
Of course, since last November, there have been increased efforts by the Central Bank of Nigeria (CBN) to strengthen the naira exchange rate through the devaluation of the currency as well as the adjustment of other monetary policy tools. In addition, the banking sector regulator has continued to intervene in the forex market by selling the greenback to authorised dealers, among other measures. Despite all these measures, the naira has continued to wobble against the dollar. Continue Reading

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