Why Naira Is Falling – Rewane

The CEO of Financial Derivatives Bismarck Rewane has explained the reasons for the fall of the country’s currency.

Naira – Nigeria’s currency – has dropped sharply against the dollar and others, exchanging for over N1,400 to the dollar in the parallel market.

But Rewane, who spoke to journalists on Monday, blamed the development on the low influx of forex among other factors.

“One is low supply – supply of dollars. When you have low dollars. Anytime the supply is short, the price increases,” he said, adding that there is also a “loss of confidence in the currency as a store of value”.

According to him, the restrictions and exchange rate controls are also part of the factors leading to the fall of the currency.

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