Why Dollar Sells At N860 – Wale Edun

Why Dollar Sells At N860 – Wale Edun

Wale Edun, President Bola Tinubu’s adviser on monetary policies who is also a ministerial nominee expressed his views on the N860/$1 exchange rate between the naira and the dollar, stating that it is not supported by the fundamental aspects of the Nigerian economy.

He attributed the current exchange rate to speculation and previous foreign exchange management practices before the current administration. Edun also blamed inefficiencies and corruption for the naira’s inability to withstand pressure from the dollar, resulting from unpaid dollar bills.

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During his screening before the National Assembly, Edun explained that if remittances, oil revenues, and non-oil exports increase, the exchange rate, which has risen from N664.04/$1 to N789.08/$1, will stabilize in the official market.

He mentioned that the naira was devalued from N471.67/$1 to N664.04/$1 on June 14, but its value further depreciated, with the highest price of the dollar reaching above N800 in recent weeks.

Edun stated that the monetary authorities and Tinubu’s monetary team are committed to resolving the fluctuation in the exchange market by raising revenue and attracting investment funds to the Nigerian economy. He warned speculators that as liquidity flows in and the exchange rate drops, there is a possibility of them losing their investments.