In a recent appearance on Channels Television’s Business Morning show, Rewane, the Managing Director of Financial Derivatives Company Limited, expressed concern over the state of the Nigerian currency following the government’s unification of forex rates in June 2023.
The Naira has since experienced a significant depreciation, plummeting from N700/$1 to over N1500/$1.
Despite government efforts to stabilize the exchange rate, including crackdowns on Bureau De Change (BDC) operators, Rewane believes these actions are misguided and counterproductive.
He argues that allowing the market to settle naturally and then intervening with adequate dollar supply is the key to restoring stability.
Rewane emphasizes that raiding BDC operators is not a solution, questioning their supposed offenses and highlighting the need for excess supply to appreciate the currency’s value.
