Some cries while some rejoices any time
the dollar rises. However, to an average
Nigeria, the effect on the dollar is felt to the
bone as the majority of what Nigeria
consumes is not locally sourced.
The value of Naira has continued its
downward trend of depreciation. Presently,
the dollar naira exchange rate is four
hundred and sixty Naira to a dollar. . it will
be recalled, it was four hundred and sixty
last Thursday.
Even earlier September, it was four hundred
and thirty when CBN started forex sales to
the BDcs.
Unfortunately, the central bank has a
comment on the devaluation od Naira to be
faulted on the decline in export s receipts
from oil speculative activities of the Bureau
De Change Operators.
.
In addition, the bank said increased risk
aversion behavior by investors may
negatively impact on capital inflow as they
flee to safe-haven assets.
Also, the CBN projected that the fiscal
space may be limited in 2020, given
escalated vulnerability, as a result of a
sharp decline in oil prices, occasioned by
weak global oil demand and price wars
between Russia and Saudi Arabia.
In essence, the dollar may shoot higher, if
this problem linger
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