A financial analyst and educator, Kalu Aja, has advised the Nigerian government to utilize the window period provided by the Central Bank of Nigeria, CBN.
DAILY POST earlier reported that Naira’s appreciation against the US dollar continued on Monday, exchanging N1,290 and N1,382.95 per USD at both parallel and official foreign exchange markets amid the Central Bank of Nigeria’s interest rate hike.
However, the financial expert argued that Naira’s appreciation in the foreign exchange market was due to FX intervention by the Central Bank of Nigeria to Bureau De Change operators.
Aja noted that the move would not be sustainable without huge foreign reserves as the problem with Nigeria’s forex crisis is the fall in exports, especially crude oil exports.
Following an alleged abuse and vitriol hurled against him, Aja, in a post on his X handle, maintained that paying subsidies on FX is legal, done by all central banks and could be beneficial if properly implemented.
He further advised the Nigerian government to take the time bought by the CBN and tackle oil theft.
He said: “I have been clear,
“Paying subsidies on FX is legal, done by all central banks and can be beneficial if properly implemented.
“I am making the point that this is not yet Uhuru, Nigeria must take the time bought by the CBN and tackle oil theft.
“So I am amazed at the abuse and vitriol, your abuse will change nothing, economics does not care about your feelings.”
Naira Appreciation: Utilize time bought by CBN – Financial expert, Aja tells govt
