To address this challenge, financial experts interviewed by Nairametrics exclusively noted that a multi-pronged approach is necessary, encompassing measures to boost domestic production, enhance market confidence, and implement sound fiscal and monetary policies.
Nigeria’s foreign exchange market has been under significant pressure recently, leading to a depreciation of the naira and concerns about economic stability.
They noted that a crucial step towards alleviating the forex demand is to enhance domestic production, particularly in the petroleum sector. This involves enabling private and public refineries to operate at full capacity, reducing reliance on imported petroleum products.
Express your opinions respectfully in the comments section.