Financial experts have advised the Federal government of Nigeria, under president Bola Ahmed Tinubu on measures way to stabilize the Naira against the US dollar.
The Group Managing Director of Cowry Asset Management Company, Johnson Chukwu, and the Head of Strategy at the Lagos Business School, Prof Olawale Ajai, have expressed the need to ramp up the country’s crude oil production and sales.
Chukwu mentioned that while seeking a loan from the Eurobond Market could have been helpful, since the country is already overburdened with debts.
He stated that improving crude oil production is the surest way to stabilize the Naira. Ajai also stressed the urgency of increasing oil production to boost the country’s earnings.
The experts’ advice comes in the wake of the Naira’s continued decline, with it being quoted at N891.90 per dollar on the FMDQ and N1,420 per dollar on the black market. They believe that increasing oil production is crucial for improving liquidity and stabilizing the Naira.
The Central Bank of Nigeria Governor, Olayemi Cardoso, has also described the Naira as “undervalued” and expressed expectations of moderating inflation, further highlighting the need for measures to stabilize the currency
The Federal Government, under President Bola Ahmed Tinubu, is said to be mobilizing its Ministries, Departments, and Agencies to address the Naira’s stability, in line with the experts’ recommendations
