Nwanisiobi urged Nigerians to adopt homemade products in order to boost the economy and stop the Naira from depreciating further in the parallel market.
10% Naira Depreciation
In the last one year alone, the Naira has experienced a 10% depreciation with inflation expected to average around 15% in 2022.
In an interview with a local publication, senior banking industry players have warned that the Naira will continue to lose its value against the green buck if policies do not arrest the situation.
According to Muyiwa Oni, Regional Head of Equity Research, Standard Bank Group, West Africa:
“We predict that the currency on the official market will be around N440 per dollar from around N416 or N417 that it is. Our view is that as long as we don’t see formal reforms in the foreign exchange market, the shortage we continue to see will persist.”
– Regional Head of Equity Research, Standard Bank Group, West Africa
In particular, the bank blamed AbokiFX, a platform which lists foreign currency prices in the black market ,for manipulating the market, alleging that the service’s proprietor was engaged in selling foreign currencies, and thus was using abokiFX to benefit his other businesses.