The four-year-old administration of President Muhammadu Buhari, at its outset in May 29, 2015, came with high hopes. It rode under the mantra of “Change”. Reports also had it that there were promises of improving the fortunes of the local currency to appreciable exchange value of $1 to N1. Generally speaking, it was a hope…
A financial expert and research analyst with ForexTime (FXTM), Lukman Otunuga, has urged the Central Bank of Nigeria (CBN) to do all it could to abolish the multiple exchange rate, saying it is currently coming closer to cutting interest rate with the positive development in the economy.
Since February this year, the country’s economy, although still held hostage by low economic activities- recession, has been clawing back some gains owing to aggressive policy reversals. First is the easing inflation, which persistently lost strength up to April, while the May data is around the corner.
I find it quite remarkable and highly encouraging how, despite several months of recessionary woes, Nigeria remains resilient, and on a mission to stabilise in the longer term. Although 2017 has dished out various difficulties ranging from soft domestic data..