Renowned economist and Managing Director of Financial Derivatives Ltd, Bismarck Rewane has dismissed President Muhammadu Buhari’s claim that some people are trying to sabotage Nigeria’s economy using manipulations in the foreign exchange market.
According to him, “It is erroneous to think that some people can sabotage the economy.”
Rewane lamented that the Federal Government is not taking the right step to curtail the free fall of the naira. “I foresee devaluation as the way forward because 2016 is going to be a very tough year. I can only urge Nigerians to re-adjust their spending habit to get along in 2016,” the economist said.
“On the contrary, devaluation is destructive to any economy. But exchange rate flexibility will lead to significant adjustment to the official rate of N220 – N240 to one dollar”. The current official rate is N199 to a dollar while black market rate as at Friday was N305 to a dollar.