Enterprise Television- Naira To Remain At N360, Until Production
The Central Bank of Nigeria, CBN, said naira would continue to exchange at N360 to a dollar until production and export of goods increases significantly in the country.
Speaking on the issue, the Acting Director in charge of Corporate Communications at the CBN, Mr. Isaac Okoroafor, also stated that if it had given in to pressures put on it to float the naira, the country’s currency would have depreciated to N3,000 to the dollar.
According to him, dollar cannot be said to be over-valued against the naira, because currency valuation is not determined in isolation, but is also hinged on the strength and the ability of the country to produce and export.
However, Okoroafor added that as soon as the Nigerian economy improves, especially with positive signals seen in the 2018 budget, the value of the naira would increase and the currency would drop below N360 to a dollar.
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