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UNIFICATION OF NIGERIA'S EXCHANGE RATE
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Skilfuljay03
74 days agoNigeria’s Unified Exchange Rate: A Blessing or a Curse?
Nigeria’s move to unify the exchange rate has been hailed by some economists as a bold step toward transparency, while others fear the short-term shocks may cripple businesses and households.The goal is to reduce arbitrage,wanton profiteering and speculation in the foreign exchange market.
In theory, exchange rate unification should close loopholes and attract foreign investment. In practice, it has already increased the cost of imports and pushed inflation higher. The Nigerian people are asking: when will the benefits be felt? Until then, unification remains a policy caught between promise and pain.