RateCaptain
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Rate Captain
No Result
View All Result
Home Currencies

Nigerians Urged to Save in Foreign Currencies as Naira Continues to Depreciate

Rate Captain by Rate Captain
January 27, 2022
in Currencies, Economics, News
Reading Time: 2 mins read
A A
0
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

AlsoRead

5 cryptos that could strengthen your portfolio in June

OFIs: CBN sets criteria for enrollment onto credit risk management system

Naira Depreciates at all Markets: Naira Hits N610/$1 at B2B Market

Laoye Jaiyeola, Chief Executive Officer, Nigeria Economic Summit Group (NESG), has stated that the depreciation of Naira has become concerning, urging Nigerians not to save in their local currency.

Laeoye Jaiyelo revealed this during NESG 2022 Macroeconomic Outlook Report in Abuja, on the 25th January 2022

His words; “Why should you tell anybody in Nigeria to store his money in naira,” Mr Jaiyeola said. “When your interest rate on naira in some places is even lower than the interest rate of some foreign currency?”

He further castigated the current government’s processes towards fiscal policies which shape the economy.

“the challenge to the poor forex supply in Nigeria is mainly attributable to the lack of diversification of forex sources, with colossal dependence on crude oil export proceeds and, more recently, foreign borrowings.”

The report by the Nigeria Economic Summit Group stated that feasible and distinct forex policy must be implemented to attract foreign direct investment and stabilize Naira.

“Faced with the continued dwindling of the external reserves, the apex bank resorted to exchange rate devaluation and forex rationing among end-users,”. “These challenges send wrong signals to prospective investors who are more concerned about the safety of their investments (particularly forex repatriation at maturity of investments, in addition to returns).”

In solving Nigeria’s economic crisis, the NESG recommended functional border control and monitoring procedure which will improve investment inflow and reduce capital control through the implementation of the African Continental Free Trade Area (AfCFTA),

The NESG also stated that availability of foreign exchange is of primary importance, prioritizing non-oil forex sources and  enhancing the quality of import substitutes and the fixing of local refineries or construction of new infrastructure.

Previous Post

IMF Warns Nigeria of Tempestuous Financial Market in 2022

Next Post

Vitalik Buterin says Ethereum users could benefit from NFTs.

Related News

IMF Cautions Central African Republic against Adopting Bitcoin

5 cryptos that could strengthen your portfolio in June

by Rate Captain
May 25, 2022
0

Understand The Crypto Market Some new additions in crypto space, such as Logarithmic Finance (LOG), have captivated investors’ interest. While,...

CBN Advises Nigerian Commercial Banks to Pay more attention to financial transactions linked with Benin Republic

OFIs: CBN sets criteria for enrollment onto credit risk management system

by Rate Captain
May 25, 2022
0

The Central Bank of Nigeria (CBN) has criteria to be met by Other Financial Institutions (OFIs) to qualify for enrollment...

Naira Depreciates at all Markets: Naira Hits N610/$1 at B2B Market

by Rate Captain
May 20, 2022
0

On Thursday, 19 May 2022, The Nigerian naira closed at N420.33/$1 to the dollar at the official Investors and Exporters...

CBN Issues Regulatory Guidelines for Open Banking in Nigeria to Ensure Financial Inclusion

by Rate Captain
May 19, 2022
0

The Central Bank of Nigeria has issued the regulatory framework for Open Banking in Nigeria in its efforts to enhance...

Next Post

Vitalik Buterin says Ethereum users could benefit from NFTs.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

IMF Cautions Central African Republic against Adopting Bitcoin

5 cryptos that could strengthen your portfolio in June

May 25, 2022
CBN Advises Nigerian Commercial Banks to Pay more attention to financial transactions linked with Benin Republic

OFIs: CBN sets criteria for enrollment onto credit risk management system

May 25, 2022

Popular Story

  • European Commission Proposes a Halt in Ukrainian Export Duties

    ECB warns that unbacked crypto assets represent a risk to financial stability

    0 shares
    Share 0 Tweet 0
  • For $3 each, a man sells 933 selfies as NFTs, and the collection is now worth millions.

    0 shares
    Share 0 Tweet 0
  • Interpol, Kenya Government Probe Three Nigerian Fintech Tycoons over N128 Billion from Nigeria

    0 shares
    Share 0 Tweet 0
  • Brazil’s Largest Crypto Exchange Partners With Stellar To Work on a CBDC

    0 shares
    Share 0 Tweet 0
  • 5 cryptos that could strengthen your portfolio in June

    0 shares
    Share 0 Tweet 0
Rate Captain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.