Ayo Teriba, chief executive officer of Lagos-based research firm Economics Associates has said the new found stability of the naira is nothing to be overly excited about given that the local currency fell from as high as N1,300/$ last April.
In an interview on BusinessDay Television Monday, Teriba said the naira at 1,300/$ in April could have been said to be “encouraging” compared to an average of N1,500/$ obtainable today.
“The exchange rate has weakened as far as N1,900 and it’s improved to a best record at the end of April last year when it was at N1,300. Now it’s gone to 1,650 and now going back to 1,500. But compared to 1,300 in April last year, there’s nothing to celebrate,” Teriba stated.