Nigerian Presidential Candidate Say

A Nigerian presidential election candidate, Peter Obi, has said the local currency’s exchange rate against the dollar must not be fixed but must be determined “by the forces of demand and supply.” Pointing to the success of the Nigerian fintech Flutterwave, the candidate said if elected, his government will create an enabling environment for other startups to similarly thrive and succeed.

Two-Tier Exchange Rate Regime Attacked

A candidate in Nigeria’s upcoming presidential elections, Peter Obi, has said the local currency’s official exchange rate — currently pegged at just under N450 for every dollar — must be determined by market forces. Obi, who is one of three main candidates who are seeking to replace outgoing President Muhammadu Buhari, also attacked the two-tier exchange rate regime currently in use.

The remarks by the Labour Party candidate come just over a month after the naira plunged to its worst exchange rate ever against the US dollar. As reported by News in late July, the naira had reached an all-time low of N710 for every dollar. In response to the naira’s then quick-fire depreciation, the Central Bank of Nigeria (CBN), which last devalued the naira in May 2021, blamed…

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