A renowned economist, Bismarck Rewane, on Monday, declared that the country’s official currency is undergoing transition and not cursed as being speculated in some quarters
The Managing Director of Financial Derivatives Company Limited, stated this when he was featured as a guest on Channels Television’s late-night programme, Politics Today.
The development comes in the wake of a rebuttal by the Central Bank of Nigeria that it has no plan to convert $30 billion deposits in domiciliary account holdings into naira.
He said, “No, I don’t think the naira is jinxed. It is just a currency in transition. And you can see that in 2016, it was N499 per dollar. As of this afternoon (Monday), it was N1,468. It had dropped to N1,531 per dollar sometime last week and started finding its way back.
“So, we have tough days ahead. But the point is that you have to look at it in the context of the currency in transition to weigh its fair value.
“To address that, you have to look at it from a broad perspective. It is not one silver bullet that can solve all problems.”