Fakazaking understands that as high as the dollar/naira exchange has climbed, there are fears that the tally might climb higher.
Going by the persistent free fall of the naira against major foreign currencies especially the dollar, the local currency may crash to as low as N800 to a dollar, Economist and Regional Director, Small Business Academy Africa, Dr Alaba Olusemore, has predicted.
Small Business Academy Africa is largely a not-for-profit organization that improves business stability by up-scaling the skills of African Small and Medium-scale Enterprise (SME) owners.
Dr. Olusemore said unless something is immediately done to address the pervasive insecurity across the country, which has posed a serious hurdle to local production and inflow of foreign investments, the exchange rate may hit N800 to a dollar by month-end.
“The major factor is insecurity which must be addressed to open the floodgate of foreign investment inflow into the country and also encourage local production,” he said, adding that there is no better time than now for various tiers of government to prioritize fiscal discipline.