Enugu – A renowned economist, Dr Ifediora Amobi, has said that the liberalisation of the foreign exchange market would force down the dollar-naira exchange rate.
and help in stabilizing prices in no distance future.
Amobi, who is the former Director of Africa Heritage Institution (former African Institute for Applied Economics), told the News Agency of Nigeria (NAN) in Enugu on Saturday that the policy would lead to price stabilisation in due course.
He praised the central bank for taking the initiative and correcting the anomalies in the previous policy.
“Stopping the previous policy is a welcome development. Within a short time, the current naira rate to the dollar will be relatively stable but within one year, the naira will appreciate.
“In the long term, the price of the dollar to naira will crash since there will be more supply of the dollar than its demand in the market,’’ Amobi said.
The economist also noted that the Federal Government should do the same in the petroleum sector by leaving the players in the sector to freely determine the prices for their products in order to create competition. (NAN)