‘Making Naira Appreciate In A Hurry Won’t Work’ – Atedo Peterside

Atedo Peterside, founder of Stanbic IBTC, says the urgency with which the President Bola Ahmed Tinubu-led administration wants the naira to appreciate against the dollar is not the best approach to strengthen the currency.

The economist and investment banker, who was on Channels Television’s Politics Today on Thursday, exonerated the current administration from the depreciation of naira, but insists that hurrying to make the currency gain strength won’t work out.

The Anap Business Jets Limited founder said the best approach would be for the Central Bank of Nigeria to stabilise the naira to a level where they can sustain it for some time and gradually build the reserve.

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His words: “I will be fair to this government, they inherited the exchange rate problem and what they have been doing is trying to manage it. Recently I would have thought, let’s get some stability around N1,300 or N1,400, don’t be in a hurry to appreciate the exchange rate.

“Going to sell dollar to bureau de change at N1,000, N1,050, those guys will turn round two weeks later and sell it at N1,400, N1,500 and they go away laughing. What’s the point for that?

“It’s better to have some stability they can sustain, keep between N1,300; and N1,300 which looks to be the natural equilibrium band today, keep it there for a while, build up your reserve to let confidence come back.

“So stop trying to appreciate the naira in a hurry, it’s not going to work.”