People undermining the situation – Expert’s reason for naira depreciation

A financial expert has revealed why the naira has continued to drop against the US dollar at the investors and exporters’ window.

According to Mark Ariemuduigho, Senior Partner, Bakertilly Nigeria, President Bola Ahmed Tinubu’s administration has not adequately managed the reforms it introduced into the country’s foreign exchange market.

Newsmen recalls that the Central Bank of Nigeria announced operational reforms to the forex market on June 14. Consequently, the forex market has been unstable since the announcement.

According to Ariemuduigho: “Since the adoption of the policy, the naira has kept falling daily, which is against the government’s initial plan. Some people are taking advantage of the situation by mopping up the dollars from the system to create artificial scarcity so that the price will either go up or destabilise the government.”

He said further: “The government should be ready to supply sufficient dollars into the system to address what is happening now.”

Reporter recalls that on Tuesday, July 18, the price of fuel was increased to N617 from N539 per litre.