The unstable nature of the naira is a very troubling development for key industry players and will continue to shape and reshape the direction of the nation’s economy and businesses.
Judging by the persistent free fall of the naira against major foreign currencies, especially the dollar, the local currency may fall as low as N800 per dollar, predicted the economist and regional director of the Small Business Academy Africa, Dr. Alaba Olusemore.
Small Business Academy Africa is largely a non-profit organization that improves business stability by expanding the skills of African owners of small and medium-sized enterprises (SMEs).
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Dr Olusemore said that unless something is done immediately to address the widespread insecurity across the country, which has been a serious obstacle to local production and the entry of foreign investment, the exchange rate can reach N800 per dollar at the end of the month.
“The main factor is the insecurity that must be addressed to open the floodgate for foreign investment into the country and also encourage local production,” he said, adding that there is no better time than now for various levels of government to prioritize fiscal discipline.
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