Gbolahan Olojede, a Financial expert said people betting against the Naira caused the currency to depreciate. He added that there had been no fundamental solution to fixing the depreciation of the Naira.
He expressed his views on Wednesday’s News Central morning show edition of Breakfast Central.
He said , “When the Naira was depreciating to 1900 per Dollar, What was driving that rapid decline? It was largely people betting against the Naira. The more they bet against the Naira, the more they put money out there, The more the Naira was losing value.”
“At a point in time, we saw the reversal for about three weeks, even when the range was improving, the question still remains what was driving that improvement.”
It could have been that there is a renewed confidence with the way the new managers at CBN were going about things. Beyond renewed confidence are the forces of demand and supply. If the supply does not increase, there will be pressure on Naira.”
“If we want to improve the currency we need to tap more from the oil sector. We need to be able to produce and refine more PMS because it is for our everyday use,” he added.