Continuous rise in naira exchange rate cause for Worry. As every other sector of economy is affected. Today, a pound to naira stands at N311 while a dollar to naira stands atN204. After a lot of research conducted, it looks like the naira has devalued by more than 25% in the last few years while as at yesterday the naira to a pound was 304. It devalued by 2.5%. This is just within the time frame of 5 years (2011-2015). Will this result to hyper inflation?
"At this rate of devaluation, our currency could end up like the Zimbabwe Dollars and become worthless within the next few years if necessary economic policies are not put in place." an Economist said
Can the reduction in demand of oil and the fall in oil prices be used as an excuse for the on going naira devaluation? What best should Nigerian government do?
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