Naira Is Still Strong, An Average Nigerian Can Feed With Less Than N500 — CIBN Former President
CIBN Former President says Naira Is Still Strong, An Average Nigerian Can Feed With Less Than N500
Former President, Chartered Institute of Bankers of Nigeria (CIBN), Prof Segun Ajibola, has said that the naira is still strong within the Nigerian economy, adding that an average Nigerian can still feed with N500.
The Professor of Economics at Babcock University disclosed this on Wednesday, September 22, during an interview with Nigeria Nigerian Television Authority (NTA).
According to him, “The national currency is a reflection of the state of any economy. It encapsulates the strengths and the weaknesses of that economy.
Over the years, we have seen a slide in the value of our national currency. In the 70s and 80s, almost 2$/N1, today we are talking of over N500 (per dollar).
Our naira is still very strong locally. With N500, an average Nigerian can still feed himself or herself today but when we look at N500 in terms of a dollar or a pound sterling equivalent, you can’t do anything with one pound on the street of London, you cannot buy anything meaningful with one dollar on the street of New York.
Therefore, there is a disconnect between what the real value of our naira commands in Nigeria vis-à-vis outside. In economic parlance, we talk about purchasing power parity, what is the real value of the currency compared with the value of currencies outside that jurisdiction? We discover that our local currency as naira is still in a position to command some value within the country but outside the country, we have a problem.”
Naira Is Still Strong