ADVERTISEMENT

Forex restriction responsible for fall in value of Naira

Senator notes that the current forex restriction introduced by the FG has encouraged Nigerians to activate new bank accounts in countries such as Benin Republic and Ghana.

Naira Notes

Senator Ben Murray-Bruce representing Bayelsa East constituency has asserted that the restriction on usage of debit card abroad has led to a depreciation in the Naira.

He stated this in his published article titled ‘Wailing on the Economy’, stating that the fall of the Naira should not be attributed to a decline in crude oil price, rather it is due to the current forex restriction.

Bruce further noted that this has encouraged Nigerians to activate new bank accounts in countries such as Benin Republic and Ghana, who haven’t adopted the restrictive access being employed by Nigeria on foreign transactions.

Although according to the Chairman, Alsana-Sala Soadua Limited, Benin Republic, Alhaji Nasiru Salami, it is possible that the safe haven found by Nigerians might rather be short lived, as a country like Benin Republic could soon initiate restrictions on the use of ATMs abroad if it begins to bear the brunt of Nigeria’s forex policy.

ADVERTISEMENT

Mr. Emmanuel Cobham, Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture also commented by saying that the situation might play to the advantage of the countries involved if the demand did not exceed the supply.

He is quoted as saying ‘It is a pointer to the Nigerian policy makers to look inwards and see that this is the consequence of that forex policy and that they need to tailor solutions to cushion it.’

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Siamese twin gets married while still conjoined with her sister

Siamese twin gets married while still conjoined with her sister

LP BoT kicks out Abure despite convention victory, takes over party affairs

LP BoT kicks out Abure despite convention victory, takes over party affairs

6 Labour Party lawmakers defect to PDP in Enugu State

6 Labour Party lawmakers defect to PDP in Enugu State

Tinubu's special assistant donates food items to 1,700 residents in FCT

Tinubu's special assistant donates food items to 1,700 residents in FCT

Anambra PASAN begins strike over Soludo's failure to grant financial autonomy

Anambra PASAN begins strike over Soludo's failure to grant financial autonomy

Governor Sanwo-Olu pays ₦4.48 billion to 1,455 retirees in accrued pensions

Governor Sanwo-Olu pays ₦4.48 billion to 1,455 retirees in accrued pensions

Court discharges ex-AGF Adoke, 6 others in Malabu oil scam case

Court discharges ex-AGF Adoke, 6 others in Malabu oil scam case

Nigerians are expected to pay for TV licences — here’s what the law says

Nigerians are expected to pay for TV licences — here’s what the law says

BEDC management denies rumours of dissolution, increases revenue

BEDC management denies rumours of dissolution, increases revenue

Pulse Sports

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

Michelle Alozie: I had to do it because of African referees

Michelle Alozie: I had to do it because of African referees

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

ADVERTISEMENT
ADVERTISEMENT