The CBN boss told the legislators that although the apex bank had the official mandate to ensure a stable value of the naira, the dwindling foreign exchange earnings by the nation and the increasing demand for foreign exchange by Nigerians for imports, school fees, foreign travel must be addressed to have a stable foreign exchange market.
His words: “Permit me to say that the exchange rate is determined by the dynamics of supply and demand for a product or service. In essence, similar to the pricing of cows or cars, the value of the US Dollar in Nigeria is determined by the balance of US Dollars entering the country and the demand for US Dollars among Nigerians.
“Applying this demand and supply principle, let’s examine how the exchange rate has performed in recent years. The exchange rate in Nigeria has increased/depreciated due to the simultaneous occurrence of two factors: a decline in the supply of US Dollars coinciding with a surge in the demand for US Dollars.’’.
Cardoso revealed that imports requiring dollars amounted to $16.65 billion in 1980 but noted that “by 2014, the annual import expenditure had significantly surged to $67.05 billion, although it gradually decreased to $54.71 billion as of last year.
from Vanguard
I found out all international transactional was stopped since Monday. Whatever they do, if we do not produce or manufacture, patronize local made goods, all effort will be in futility.
ReplyDelete© TEEJAY
I agree with you. Nigerians stop importing indian garri, patronise mama iyabo that is ur neighbour. He is right, it is supposed to be a task for everyone. We can still import, cos even the foreign countries import, but atleast import the basic minimum and the necessities.
DeleteWait o anon, nigerians import garri from india?
DeleteIt is indeed finished
Gifty
When they used the last reserve of dollar to order cars and Yacht for themselves. Self deceit.
ReplyDeleteIf I tell Una say I've never seen dollars in real life before nko? God abeg answer me too o
ReplyDeleteI watch this guy interview on Arise TV, and as a psychologist, apart from Sanusi Lamido Sanusi, there is no central bank governor ( 1999 till date) that understand his role and ready to solve it.
ReplyDeleteSoludo also have a good grasp but he later derailed because of politics.
Thank you
DeleteOga do your work.You seem incompetent.
ReplyDelete