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Former President, Chartered Institute of Bankers of Nigeria (CIBN), Prof Segun Ajibola has said on Wednesday during an interview with NTA that contrary to the wide spread believe, the Nigerian Naira is still a very strong currency locally.
According to the Babcock university professor of Economics, with N500, an average Nigerian can afford to feed himself.
His words in quotes;
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, with N500 an average Nigerian can feed himself daily”- Segun Ajibola