The National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Kelvin Oye, has expressed concerns over the significant depreciation of the naira, noting that it poses multiple challenges for the country.
The National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture , Dele Kelvin Oye, has expressed concerns over the significant depreciation of the naira, noting that it poses multiple challenges for the country.
“Government and business foreign debt servicing costs rise as more Naira is needed per dollar, straining financial resources and potentially reducing public service funding. While a weaker Naira might attract foreign investment by making assets cheaper, it could also deter investors seeking stability.”
The NACCIMA President advised, “Given these complexities, it is crucial for the government to stabilize the Naira by potentially pegging and defending it, rather than leaving it to market forces, a strategy even economically stronger nations like Qatar and Saudi Arabia employ.”Before flagging, please keep in mind that Disqus does not moderate communities. Your username will be shown to the moderator, so you should only flag this comment for one of the reasons listed above.
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