Pursuit for stability📈💵

What can Nigeria do to achieve a steady exchange rate?

Nigeria is currently dealing with inflation, which has resulted in a significant increase in the cost of goods and services. The federal government's decision to unify the naira has led to its depreciation and subsequent economic challenges. Different platforms now offer different exchange rates, further exacerbating the issue and impacting consumer spending.

According to a recent report by PwC, things might get even tougher. Letting the naira's value float freely could push inflation even higher. Things like food, transportation, clothes, education, furniture, and housing have become more expensive due to inflation. PwC thinks these prices might soar further due to these new policies.

What can Nigeria do to achieve a steady exchange rate? Join us on Thursday, the 28th of September at Ventures Africa's LinkedIn Live event to discuss.

VA Poll

In a recent survey, we asked our audience about business challenges they encounter due to exchange rate fluctuations in Nigeria. 34 per cent reported increased production costs, 24 per cent saw a decrease in profits, and 35 per cent grappled with business instability. Additionally, 7 per cent identified various other issues, underscoring the significant influence of economic fluctuations on businesses.

Remember to stay safe!