Former Presidential Aide Pins Naira’s Decline On Crypto Platforms, Urges Immediate Action

Former Presidential Aide Pins Naira’s Decline On Crypto Platforms, Urges Immediate Action

In a bold assertion, former presidential aide Bashir Ahmad has pointed fingers at cryptocurrency exchange platforms for the ongoing depreciation of the Nigerian naira in the foreign exchange market, calling for urgent intervention to rectify the situation…..READ ALSO Former Presidential Hopeful Stands By Tinubu: Urges Nigerians To Stay Calm Amid Hardship

Expressing his concern via his official X account, Ahmad highlighted the detrimental impact of Nigerians’ heavy reliance on crypto platforms, which lack the regulatory oversight necessary for currency management in the country.

“The crypto exchange platforms are causing more harm than good to our system,” Ahmad stated. “Many people rely on these platforms, which have no authority to regulate our forex, for exchange rates. When rates fluctuate on these platforms, it directly affects the Bureau De Change rates. This issue must be addressed promptly!”

Recent reports indicate that players in the foreign exchange market were purchasing a dollar for as high as N1800 and selling at N1825 on February 20th, 2024, exacerbating the challenges faced by Nigerians amidst the naira’s continuous decline.

The persistent devaluation of the naira has led to a surge in commodity prices, significantly impacting the cost of living for citizens. Hans Essaadi, CEO of Nigerian Breweries Plc, highlighted the economic strain, noting that many Nigerians are struggling to afford basic commodities, including beer.

Attributing a foreign exchange loss of N153 billion to the devaluation of the naira for the year ending December 2023, Nigerian Breweries Plc adjusted its product prices in August 2023 to counter rising input costs.

As the nation grapples with economic challenges, Ahmad’s call for action underscores the urgency of addressing the root causes of the naira’s depreciation and implementing measures to stabilize the currency and alleviate the burden on citizens.