The Central Bank of Nigeria has advised businesses to embrace exporting activities in a bid to harness value from the weak state of the naira.
This call was made by the Deputy Governor, Economic Policy, Central Bank of Nigeria, Muhammad Abdullahi, on Tuesday during his keynote address at the 11th National Economic Outlook: Implications for Businesses in Nigeria 2025 organised by the Chartered Institute of Bankers of Nigeria Centre for Financial Studies in Lagos.
The naira ended 2024 with significant depreciation across foreign exchange markets, recording a 40.9 per cent loss, and has struggled since the harmonisation of the segments of the currency market in June 2023.
Highlighting the value that a weak naira presents for businesses, Abdullahi said, “The unification of exchange rates, paired with a focus on exchange rate stability, offers transformative opportunities for businesses.
“Learning from China’s economic strategy, Nigeria’s competitive exchange rate can boost export-led growth. While a depreciated naira may raise import costs, it makes Nigerian goods more affordable and attractive on the global stage.”
