The ramifications of this dysfunction are far-reaching, profoundly impacting the country’s fiscal health, monetary system, and consequently, the entire economy.
As a major oil producer, Nigeria should benefit from substantial government revenues and foreign exchange inflows generated by its oil wealth.
The price of petrol at the pump will primarily depend on global crude oil prices and the exchange rate.
However, a reduction in dollar demand, without a corresponding increase in dollar supply within the economy may negate the anticipated improvement in the exchange rate.
This might leave the exchange rate stagnant or, worse, lead to further depreciation...
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