Kyari: No end in sight to pressure on naira

The pressure on the naira continues to mount, with the possibility of currency depreciation looming in 2024. The naira fell to a record low of 1,400 naira to the US dollar at the parallel market early on Thursday, while hovering around 900 naira to the dollar at the NAFEM window, the official window for trading. This challenging economic landscape has raised concerns about the outlook for the currency going forward. In a recent interview with former chairman of the Nigerian Economic Summit Group, Bukar Kyari, the discussion centered around the factors contributing to the naira's vulnerability and potential strategies to address the situation. Kyari emphasized the importance of investor confidence and foreign exchange inflow to stabilize the naira. He highlighted the need for pragmatic solutions to bridge the gap between the official and parallel market rates to prevent further devaluation. Additionally, the conversation touched on inflation targeting and monetary policy measures to combat rising inflation and support economic growth. The interview provided valuable insights into the complexities of Nigeria's economic environment and the challenges ahead in navigating the currency pressures and achieving sustainable growth. As the country grapples with these issues, proactive and coordinated efforts will be essential to steer the economy towards stability and resilience.