Why Nigeria’s currency is unstable — Peter Obi

The Labour Party presidential candidate, Peter Obi, has given the reason for the instability of Nigeria’s currency, Naira.

The former Anambra State governor was reacting to the depreciation of the Naira at the parallel market.

The Naira fell to a record low on Thursday after the currency was sold for N718/$1 at the black market.

Nigerians had blamed the situation on the poor economic policies of President Muhammadu Buhari’s administration.

In a series of tweets on his Twitter handle on Friday, the LP candidate charged the Federal Government to come up with ultra-effective policies to address the crises.

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He said: “Distortions in the economy and fiscal policies have triggered instability of the Naira, The plummeting exchange rate is worrisome.

“The Fiscal Managers should come up with a policy line or modality for arresting the value drift and restoring confidence in the National currency. Also, denominating domestic transactions and contracts in foreign currency should be stopped forthwith.”

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