Posted 1/8/2024, 12:13:22 AM
Naira in Free Fall Despite Government Efforts, Threatening Jobs and Businesses
- The naira has fallen over 38% against the dollar in the past 3 months despite government efforts to improve liquidity
- Manufacturers and private sector groups warn more companies may have to sack workers or shut down due to naira volatility
- Multiple exchange rates persist despite promises to unify and let the naira float freely
- The Central Bank is trying to address volatility but the naira continues to decline, hitting record lows
- Manufacturers and industry groups urge the government to prioritize providing forex and credit access to support local production