The value of the naira continued its downward spiral at the opening of business activities on Monday crashing at the parallel market to N1,210 to the dollar as against N1,170 which it closed last week.
At the Nigerian Autonomous Foreign Exchange Market (NAFEM), also known as the Importers and Exporters window, the naira depreciated last week by 5.4 per cent to NGN808.27 to the dollar.
Parallel market traders say the continuous decline in the value of the naira is due to the scarcity of the greenback in the market.
Recall that the Former minister of Industry, Trade, and Investment, Mr Olusegun Aganga, has warned that the naira will continue to be weak if Nigeria remains an import-dependent country.
Aganga stated this at the third Adeola Odutola lecture/presidential luncheon alongside the 51st Annual General Meeting of Manufactures Association of Nigeria (MAN), held yesterday in Lagos.
Speaking on the theme: ‘setting the agenda for competitive manufacturing, what Nigeria needs to do’, Aganga stressed that, “high energy costs, slow down in industrial output, increase in the number of multilateral ang bilateral trade agreements, and sluggish demand for products generally mean that almost every country is now more focused on competitiveness with competitors now setting the benchmark.”
He stated that, “Nigeria cannot afford to be left behind as it competes with leading importers like China, Germany and export-oriented African countries to meet the demands of consumers in Africa.”
