Value of Nigeria Currency – How We Can Help Stabilize it

Naira is the basic monetary unit of Nigeria, equal to 100 kobo. Naira notes and coins are printed/minted by the Nigerian Security Printing and Minting Plc (NSPM) and other overseas printing/minting companies and issued by the Central Bank of Nigeria (CBN). At the currency printing works of the NSPM Plc, quality is meticulously controlled throughout every process of currency production. This guarantees that every note issued meets the required standard. The CBN maintains an office called Mint Inspectorate in the premises of the NSPM Plc to maintain security and quality of Naira notes and coins.

Currency is issued to commercial banks through the branches of the CBN, and old notes retrieved through the same channel. Currency deposited in the CBN by the banks are processed and sorted to fit and unfit notes in line with the clean note policy. The clean notes are re-issued while the dirty notes are destroyed.

Find below the exchange value from CBN as at 18th of November

Date Currency Buying(NGN) Central(NGN) Selling(NGN)
11/18/2016 US DOLLAR 304.5 305 305.5
POUNDS STERLING 378.0977 378.7185 379.3394
EURO 323.5922 324.1235 324.6549
SWISS FRANC 302.0833 302.5794 303.0754
YEN 2.7604 2.7649 2.7695
CFA 0.4783 0.4883 0.4983
WAUA 414.0624 414.7423 415.4222
YUAN/RENMINBI 44.2064 44.2795 44.3525
RIYAL 81.1784 81.3117 81.4449
SDR 414.729 415.41 416.091

Formerly, a naira was much more valuable than a dollar but now what do we have, its a great change in value. How can we help our country attain its Naira standard again?

What are we doing wrongly?

What are we neglecting?

We need to rise up to this challenge and see it as “OUR” business. If this continues this way it affects us then we will be fulfilling the song by late Fela Anikulapo Kuti – Suffering and Smiling. Let’s wake up to the reality of life.

Many will say its from the Oil & Gas sector Nigeria has been raising funds but now if we don’t have working refineries, if that sector is failing us we should substitute it for another. We have the Technology sector which our Government has neglected which could be our selling point. We ought to be the digital Hub of Africa but where are we on the list far behind. Impossible is nothing, there is nothing stopping us to be like or more than the Indians when it comes to Technology. Its time to face what matters and move.

We also have the Agricultural sector which could help reduce importation from other countries and promote our locally made food. This will help save cost and develop our farm lands by providing efficiency to what is produced.

We need to arise and take up to the challenge, we are up to the task.

Nigeria – Good People, Great Nation

 

Leave a Reply

Your email address will not be published. Required fields are marked *

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>