With many trade transactions benchmarked against dominant currencies, the IMF has expressed concerns that currency movements pose great challenges to developing countries’ domestic economy, especially trade. Naira Dollar
that currency movements pose great challenges to developing countries’ domestic economy, especially trade. Indeed, the concerns speak to the challenges of the Nigerian economy, where trade invoices are benchmarked against the dollar, just as the Naira continues to lose value at the parallel market.
According to the Manufacturers Association of Nigeria , while the move is gratifying, the apex bank should urgently put a measure in place to minimize the intensity of the pain by considering outstanding obligations of manufacturers from the second quarter 2019 till date. According to the IMF, when export prices are set in US dollars or Euros, a country’s depreciation does not make goods and services cheaper for foreign buyers, at least in the short term, creating little incentive to increase demand.
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