Itse Sagay, a senior advocate of Nigeria (SAN), says President Bola Tinubu must “urgently” stop the floating of the naira as a way of addressing the economic challenges in the country.
The naira tumbled to an all-time low of N1,900/$ at the official market on Tuesday before picking up steam to close at N1,524 at the close of trading on Wednesday, while at the parallel market, it closed at N1,860.
In June 2023, as part of a series of policies to ensure economic recovery, the Central Bank of Nigeria (CBN) announced the unification of all segments of the forex exchange (FX) market into the investors & exporters (I&E) window.
The FX market liberalisation policy saw the devaluation of the naira as the ‘willing buyer, willing seller’ model was introduced.
