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, a guest on Channels Television’s Politics Today on Monday, blamed the development on the low influx of forex among other factors.
READ ALSO: No Plans To Convert $30bn Domiciliary Deposits To Naira – CBN
“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.
WATCH HIM BELOW:
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