An economist, Muda Yusuf, has called for minimising volatility in the foreign exchange market, saying that it fuels speculation and creates an unpredictable environment.Yusuf was reacting to the fluctuation in the foreign exchange market which has seen the Nigerian currency continue to rise and at the same time fall against the American dollar.
Naira which had earlier fallen to around 1,900 to a dollar later rallied to around 1,100 which saw it recently declared as the best-performing currency in the world.Commenting on that on Channels Televisions Politics Today on Friday, Yusus said, “The issue of volatility in the foreign exchange market is something that we need to take up very seriously.
“Persistent volatility can lead to a loss of confidence and once confidence begins to be eroded, it further fuels speculation, it creates uncertainty, it makes the environment unpredictable and that is not good for investment.” Yusus, who is a former Director General of the Lagos Chamber of Commerce, said the economic reform of the President Bola Tinubu administration is a work in Progress. According to him, the economic team will continue to learn as they progress with the reforms.
He said that the Nigerian foreign exchange market is full of a lot of imperfections and he added that the Central Bank has done well to deal with some of them but that more needs to be done to achieve a more stable exchange rate.Yahaya Bello: Kogi Court Summons EFCC Chair Over Alleged Contempt
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Steady Naira Exchange Rate Indicates Easing Pressure in Forex MarketThe naira exchange rate against the dollar has remained steady at N1,200 for the past 24 hours, signaling a decrease in pressure in the forex market. The Central Bank of Nigeria's recent measures, including dollar sales to bureau de change operators and the directive for electronic payout of PTA/BTA, have contributed to the local currency's rapid recovery.
Source: TheNationNews - 🏆 6. / 69 Read more »
Naira fails to appreciate against Dollar in forex market despite CBN interventionThe Naira has failed to appreciate against the US dollar at the foreign exchange market despite the Central Bank of Nigeria's recent additional release of $10,000 to Bureau De change operators. FMDQ data showed that the Naira recorded another drop to N1308.52 per Dollar on Wednesday compared to N1,300.15 exchanged on Tuesday.
Source: DailyPostNGR - 🏆 11. / 59 Read more »
Naira appreciation: Onakoya reveals CBN’s policy responsible for gains in forex marketProf Adegbemi Onakoya, a Finance and Business Transformation expert, has said the Central Bank of Nigeria's recent circular on harmonizing reporting requirements for foreign currency exposures of banks has boosted activity in the Nigerian Autonomous Foreign Exchange Market, NAFEM, and Naira's weeks-long gains.
Source: DailyPostNGR - 🏆 11. / 59 Read more »
Nigerian Equities Market Sees Negative Returns Amidst Global Stock Market DownturnFollowing the recent increase in the benchmark interest rate by the Central Bank of Nigeria, the Nigerian equities market has experienced three consecutive weeks of negative returns. This decline is in line with the global stock market trend, as geopolitical crisis and rising oil prices have dampened investors' appetite. While major stock indices in the US, UK, Japan, and Europe have all declined, China's SSE Index has seen a slight increase.
Source: TheNationNews - 🏆 6. / 69 Read more »