Binance speculators want the Naira to tumble to N2,500 vs USD – Onanuga
Comment
Onanuga’s statement highlights the success of the policies implemented by Governor Olayemi Cardoso and the Central Bank of Nigeria in stabilizing the Naira in the foreign exchange market. This has proven speculators wrong, who had hoped for the Naira to drop to N2,500. Instead, the Naira has continued to appreciate, providing stability and confidence in the country’s economy. This is a positive sign for the future of the Nigerian currency and its value on the global market.
ADVERTISEMENT
However, some experts argue that the Naira’s recent appreciation against the USD is not a true reflection of the country’s economic health. They point out that the increase in value is mainly due to external factors, such as the weakening of the US dollar and the rise in oil prices. Additionally, they warn that celebrating the Naira’s current state may lead to complacency and distract from addressing underlying economic issues. Therefore, the situation should be approached with caution and a long-term, sustainable plan for economic growth should be implemented.
ALSO READ: The CBN raises the interest rate to 24.75%.
These statements by Cardoso’s CBN contradict the wishes of currency speculators who were hoping for the Naira to fall. In fact, the economic measures implemented by the CBN have proven to be effective, as the Naira has been strengthening and providing relief to the people as prices for goods fall. On Tuesday, the Naira was exchanged at N1,290 and N1,382.95 per USD in the parallel and official foreign exchange markets, respectively. This is a significant improvement from Monday when the CBN sold $10,000 to each BDC at N1,251 per US dollar.
