The federal government of President Bola Ahmed Tinubu has received advice from financial specialists on how to maintain the value of the Naira in the foreign currency market relative to the US dollar.
The analysts discussed the ongoing foreign exchange issue, pointing out that on Friday, the Naira was trading at FMDQ at N891.90 per dollar, but on the underground market, it was trading at N1,420 per dollar.
Chukwu said Nigeria going to the Eurobond Market to get a loan would have helped, but the country is already overburdened with debts.
“But as it stands today (Saturday), that window is narrow because we do not have the headroom for significant borrowing from the Eurobond market.
“I think the short route for now in our country is to improve crude production. That is the surest way to stabilize the Naira,” he said in a statement.
Prof. Olawale Ajai, Head of Strategy at the Lagos Business School, stated that in order for the nation to raise its income, it must enhance its oil production.
“We also urgently need to increase crude production because people will see the money coming in if the government can earn more dollars from an increased daily production,” he said.
