Former Emir of Kano and Governor of the Central Bank of Nigeria, Muhammad Sanusi II, has commended President Muhammadu Buhari for his efforts in solving the country’s economic issues. The President has taken on the challenges of fuel subsidy and multiple foreign exchange regimes, and Sanusi believes that he has put the economy on the right track. The Economist recently visited Nigeria to congratulate the President and express appreciation for the steps he has taken so far. Sanusi believes that the President’s attitude towards excellence has been key to his success. Despite criticism from some who doubted his capacity and competence, the President has shown great energy and dedication to the job. Sanusi notes that the President has been working long hours, often not leaving his office until past 8 PM. He has been juggling multiple assignments in one day but has still managed to put in the necessary effort to address the country’s economic issues. Sanusi also praises the President’s decision-making, noting that he has taken steps that previous administrations were too scared to take. For example, the issue of convergence of the foreign exchange windows was discussed as far back as 2017, but it was not until Buhari’s presidency that the decision was made to float the naira. This decision was initially painful, as the naira’s value dropped against other currencies, but it has since stabilized, and availability of foreign exchange has been guaranteed. Sanusi believes that the President’s reforms have made investors happy, and the country’s forex market has stabilized.
He predicts that the naira will eventually stabilize at around 600 to 660, which will make Nigeria an attractive destination for business and investment. In conclusion, Sanusi commends the president for his dedication and hard work and believes that his efforts will lead to a brighter economic future for Nigeria. The issue of demand for the Nigerian currency, the naira, is a major concern in the country. According to experts, the demand for the naira is excessive and unrealistic. People are hoarding the currency, waiting for devaluation so that they can make a profit. This has led to a shortage of foreign currency, which is needed to import raw materials for production. The people who are suffering the most are those who need foreign currency for legitimate business purposes. They are finding it difficult to obtain the currency, while those who have connections with the Central Bank of Nigeria (CBN) are able to get it easily. These individuals then sell the currency on the black market and make a huge profit. The situation in Nigeria is unique, as there is a dual exchange window with a significant gap between the official and black market rates. At one point, the black market rate was as high as 768 naira to the dollar, while the official rate was only 460 naira to the dollar. This is a wide gap that is not seen in any other country in the world. The excessive demand for the naira is a major problem that needs to be addressed. The government needs to take steps to ensure that the currency is readily available to those who need it for legitimate business purposes. This will help to boost the economy and create jobs for the people. In conclusion, the issue of demand for the naira in Nigeria is a major concern that needs to be addressed, and the government needs to take steps to ensure that the currency is readily available to those who need it for legitimate business purposes.
This will help boost the economy and create jobs for the people. The situation in Nigeria has been described as critical, with the need for radical intervention to address the challenges facing the country. The multiple exchange rates have encouraged illicit funds and rent-seeking behavior, making it difficult to track and trace such activities. The lack of stability in the currency has also discouraged investors from coming to Nigeria, as they need predictability to plan their investments. However, recent policy changes, such as the floating of the naira, have been positively received by the market, with investors showing interest in coming back to Nigeria. The country’s population is seen as a strength, and if Nigeria can have a succession of good leaders, the glory days will come back, with investors happy to come and do business in the country. The recent suspension of the former CBN governor has been seen as a decisive decision, and more such policies are needed to turn around the country.