Economist Says Naira Appreciation Victory For Nigerians
2 years ago 2 min read
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An economic expert, Vangawa Bolgent has declared the present appreciation of the Naira over the US Dollar a victory for the Nigerian people.
Bolgent spoke in the backdrop of recent comments by the President of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadebe arguing against the rise in the value of the Naira.
Gwadabe had inferred that forex speculators will resist the rapid appreciation of the Naira, raising questions about the priorities of certain operators in Nigeria’s forex market.
In his intervention, contained in a statement on Monday night, Bolgent faulted Gwadabe’s perspective that seems to favour the interests of speculators over the plight of ordinary Nigerians.
“For too long, the high cost of Dollars has translated into unbearable hardship for Nigerians. The strength of the Naira directly affects the cost of living. When the Dollar surges, everything, from bread to education becomes more expensive, leaving families struggling to make ends meet. This isn’t just an economic issue—it’s a human one,” Bolgent said.
The Naira exchanged for N1,663 against the Dollar last Monday going up to N1,537 at the official market on Friday, gaining N126 against the Dollar.
The Nigerian currency subsequently rose sharply in the parallel market, peaking at N1,530 to the Dollar on Saturday morning but slipping to N1,580 against the Dollar on Sunday.
