30 days after assuming office, President Bola Tinubu’s economic policies and reforms have attracted both praise and criticism from home and abroad. However, the most vulnerable Nigerians only hear hardship as Renewed Hope risks morphing into despair, STEPHEN ANGBULU writes
On June 14, the Central Bank of Nigeria collapsed the existing exchange rates pulling the plug on the prevailing subsidised Investors’ and Exporters’ window.
The unified exchange rate has received widespread acclaim from the British, US and South Korean governments as well as other multilateral finance institutions, who say it spells an upward path for Nigeria’s economy.In its June 2023 Nigeria Development Update, the World Bank projected that inflation may hit 25 per cent in 2023 as a result of petrol subsidy removal.
Airfares on international routes from Nigeria to the United States, Europe and the Middle East have soared considerably due to the naira depreciation triggered by the cancellation of the parallel forex market. Although Emefiele’s tenure saw the lowering of the non-performing loans of Nigerian banks from 30 to below five per cent, analysts agree that he performed woefully on several dimensions. The inflation rate rose to over 24 per cent. The naira lost over 70 per cent of its value in the past nine years and the effective commercial interest rate now surpasses 30 per cent.
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