In recent weeks, the Naira has staged an impressive comeback against the United States Dollar, soaring by over N700 from N1,800 to its current N1,020 rate.
This remarkable resurgence is attributed to the strategic policies implemented by the Cardoso-led Central Bank of Nigeria, which has effectively bolstered the Naira’s position against the dollar.
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The prevailing market tranquility is evident in the dwindling speculative activities that have historically led to significant destabilization.
File Image of CBN Governor Michael Olayemi Cardoso
Additionally, the newfound calmness on the value of the Naira signals positive prospects for both investors and the general public alike.
Recent trends show that CBN Governor Michael Olayemi Cardoso and his team are reaping the rewards of their multifaceted policies, with the Naira experiencing an unprecedented surge in value.
During a recent appearance on Channels Television’s Business Incorporated program, the President of the Association of Bureau De Change Operators of Nigeria (ABCON) lauded the collaborative efforts of the Nigerian government and the CBN in steering the Naira towards remarkable stability.
According to Gwadebe, Bureau De Change (BDC) operators are now acquiring dollars at N980 and selling them at N1,020—a significant shift attributed to the unexpected strengthening of the Naira. Factors such as high demand for central bank treasury bills and efficient management of diaspora remittances have contributed to this remarkable turnaround.
Gwadebe also commended the Nigerian government and the Central Bank of Nigeria for their successful endeavors in stabilizing the Naira. Notably, the parallel market’s dollar exchange rate has dipped below the official window’s rate for the first time in 15 years, marking a significant milestone in the country’s economic stability.
However, despite the notable increase in the value of the Naira, Nigerians are grappling with a puzzling situation: prices of goods and services have yet to reflect the appreciation of the currency. This discrepancy has sparked confusion among many, who are eagerly seeking answers for the underlying reasons behind this inconsistency.
Concerned by this disparity, the Federal Government, through the Federal Competition and Consumer Protection Commission (FCCPC), has expressed its resolve to address the persistent increase in prices of goods and services despite the Naira’s appreciation against the dollar.
Adamu Abdullahi, the Commission’s acting Executive Vice Chairman/ Chief Executive Officer, emphasized the FCCPC’s commitment to shielding consumers from exploitation, citing relevant sections of the Federal Competition and Consumer Protection Act (FCCPA) 2018 as the legal basis for action.
In a proactive response, the FCCPC has intensified monitoring activities in both formal and informal markets, aiming to curb unfair price inflation and ensure compliance with regulations.
Taking decisive action, FCCPC operatives launched a campaign to enforce price display and quantity compliance at supermarkets throughout Abuja. This crackdown, aimed at addressing consumer grievances about escalating prices amidst the Naira’s recent appreciation, underscores the government’s commitment to protecting consumer interests.
Further Reading
While this is a welcome development, it is imperative to expand the presence of FCCPC operatives to cover all 36 states of the federation to ensure nationwide fairness and effectiveness.
This broader reach will facilitate comprehensive monitoring and enforcement of price control regulations, ultimately fostering transparency and bolstering consumer confidence nationwide.
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