Again, naira recovers at official window

The naira appreciated significantly against the United States dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the country’s official exchange rate window exchanging for N843.07/$1.

The naira recovered after it traded for N951.22/$1 on Wednesday.

Data from FMDQ Securities Exchange indicated that the naira slumped on Wednesday to N951.22/$1 after it traded on Monday at N837.77/$1 and N806.73/$1, on Tuesday,

It was further gathered that the naira opened at the NAFEX market at N841.50 and closed at N843.07/$1.

Meanwhile, an economist, Dr. Austin Nweze, has called on the federal government to look inward to solve the consistent fall in the value of naira against the United States dollar.

Nweze of the Lagos Business School said the government needs to introduce short, medium and long term strategy to solve the foreign exchange crisis

According to him, Nigeria must ensure 80 per cent of goods consumed in the country must be locally produced.

“Basically, what the government needs to do is to have a national strategy, which should be a short, medium and long term strategy. What we need is more production and there should be a strategy on how we produce.