Capital market expert says devaluation ill-timed

22 February 2015, Lagos – The Head, Business Development at Union Trustees Ltd., Mr Taiwo Oguntimehin, says the devaluation of the Naira by the government is ill timed.

naira-dollarOguntimehin said in Abuja it should have been done during the Yuletide.

“It should have been done during the Yuletide because Nigerians in Diaspora come home with a lot of foreign currencies.

“This would have stemmed and stabilised the exchange rate.’’

He said the timing was wrong because the economy was going through crisis and the capital market was going down and struggling to stabilise.

Oguntimehin said aside from the timing, government should also have put regulatory mechanism in place to help suppress the effect from the black market operators.


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