Nigeria’s currency is now standing better than when the Central Bank of Nigeria, CBN, announced the date for the commencement of the naira notes redesign.
Although the official rate of Naira to Dollar is N441.13, according to CBN, Media Talk Africa gathered that immediately after the announcement of the naira redesign by CBN governor Godwin Emefiele on 26th October, the Naira fell against dollar at the black market.
Speaking on the development in a chat with Media Talk Africa on Friday, a Financial Inclusion/Wealth Management expert, Mr Idakolo Gbolade, said the CBN should inject more Dollars into the system to sustain the latest Naira’s rise.
He noted that the government should enact a transparency policy to encourage large cash deposits without harassment, provided the source is legitimate.
“This is a welcome development. However, it took the combined efforts of the Economic and Financial Crime Commission, EFCC and other law enforcement agencies to raid currency speculators and Bureau De Change, BDC operators running these schemes to achieve the sanity experienced so far.
“I believe that if the Central Bank of Nigeria, CBN can inject more dollars to the system, it will help significantly. We must also ensure that those caught in these currency manipulation schemes are prosecuted accordingly.
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