{"id":18621,"date":"2024-12-11T03:03:31","date_gmt":"2024-12-11T02:03:31","guid":{"rendered":"https:\/\/thedailynewswave.com\/?p=18621"},"modified":"2024-12-11T03:03:31","modified_gmt":"2024-12-11T02:03:31","slug":"naira-appreciation-may-force-price-reduction-inflation-decline-economists","status":"publish","type":"post","link":"https:\/\/thedailynewswave.com\/naira-appreciation-may-force-price-reduction-inflation-decline-economists\/","title":{"rendered":"Naira appreciation may force price reduction, inflation decline \u2013 Economists"},"content":{"rendered":"<div id=\"mvp-search-wrap\">\n<div id=\"mvp-search-box\">Nigerian analysts are hopeful that if the Naira&#8217;s value growth versus the dollar continues, it might result in a sharp decline in the cost of imported products and, consequently, the nation&#8217;s headline inflation rate, which was 33.88 percent in October 2024.<\/div>\n<\/div>\n<div id=\"mvp-site-wall\" class=\"left relative\">\n<div id=\"mvp-site-main\" class=\"left relative\">\n<div id=\"mvp-main-body-wrap\" class=\"left relative\">\n<article id=\"mvp-article-wrap\">\n<div id=\"mvp-article-cont\" class=\"left relative\">\n<div class=\"mvp-main-box\">\n<div id=\"mvp-post-main\" class=\"left relative\">\n<div class=\"mvp-post-main-out left relative\">\n<div class=\"mvp-post-main-in\">\n<div id=\"mvp-post-content\" class=\"left relative\">\n<div id=\"mvp-content-wrap\" class=\"left relative\">\n<div class=\"mvp-post-soc-out right relative\">\n<div class=\"mvp-post-soc-in\">\n<div id=\"mvp-content-body\" class=\"left relative\">\n<div id=\"mvp-content-body-top\" class=\"left relative\">\n<div id=\"mvp-content-main\" class=\"left relative\">\n<div class=\"ai-viewport-2 ai-viewport-3\" data-insertion-position=\"prepend\" data-selector=\".ai-insert-17-98893803\" data-insertion-no-dbg=\"\" data-code=\"PGRpdiBjbGFzcz0nY29kZS1ibG9jayBjb2RlLWJsb2NrLTE3JyBzdHlsZT0nbWFyZ2luOiA4cHggMDsgY2xlYXI6IGJvdGg7Jz4KPGRpdiBhbGlnbj0iY2VudGVyIj4KPCEtLSAvMTQwMDE2MzYvRFBfSW5zaWRlUG9zdF9BZHNlbnNlXzEgLS0+CjxkaXYgaWQ9J2Rpdi1ncHQtYWQtMTUyNDU5NTkwNTI2OC00Jz4KPHNjcmlwdD4KZ29vZ2xldGFnLmNtZC5wdXNoKGZ1bmN0aW9uKCkgeyBnb29nbGV0YWcuZGlzcGxheSgnZGl2LWdwdC1hZC0xNTI0NTk1OTA1MjY4LTQnKTsgfSk7Cjwvc2NyaXB0Pgo8L2Rpdj4KPC9kaXY+Cgo8L2Rpdj4K\" data-block=\"17\">\n<div class=\"code-block code-block-17\">\n<div align=\"center\">\n<div id=\"div-gpt-ad-1524595905268-4\" data-google-query-id=\"CPSqsZbWnIoDFQJrFQgdF9kYxA\">\n<div id=\"google_ads_iframe_\/14001636\/DP_InsidePost_MPU_1_0__container__\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>The Chief Executive Officer of SD &amp; D Capital Management, Gbolade Idakolo, and Prof. Godwin Oyedokun, a don at Lead City University in Ibadan, disclosed this in separate interviews with DAILY POST on Monday.<\/p>\n<p>Idakolo and Oyedokun spoke as the Naira settled at N1,538.50 per dollar on Monday, December 9, 2024, from N1,740 exchanged on November 9, the same year.<\/p>\n<div class=\"code-block code-block-24\">\n<div align=\"center\">\n<div id=\"div-gpt-ad-1574186166799-0\" data-google-query-id=\"CPmqsZbWnIoDFQJrFQgdF9kYxA\">\n<div id=\"google_ads_iframe_\/14001636\/DP_InsidePost_MPU_6_0__container__\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>On a month-on-month basis, the Naira gained N201.5 and N110 at official and black markets when compared to the N1,740 exchange rate on November 9, 2024.<\/p>\n<p>This is the case despite\u00a0<a href=\"https:\/\/dailypost.ng\/2024\/12\/09\/naira-depreciates-against-dollar-after-days-of-gains\/\">the Naira depreciating<\/a>\u00a0slightly by N3.5 and N30 against the dollar to begin the week on Monday at both FX markets.<\/p>\n<p>This followed the Central Bank of Nigeria\u2019s recent launch of the Electronic Foreign Exchange Matching System (EFEMS) to eliminate distortion and bring transparency to the FX market.<\/p>\n<div class=\"ai-viewport-2 ai-viewport-3\" data-insertion-position=\"prepend\" data-selector=\".ai-insert-18-53482016\" data-insertion-no-dbg=\"\" data-code=\"PGRpdiBjbGFzcz0nY29kZS1ibG9jayBjb2RlLWJsb2NrLTE4JyBzdHlsZT0nbWFyZ2luOiA4cHggMDsgY2xlYXI6IGJvdGg7Jz4KPGRpdiBhbGlnbj0iY2VudGVyIj4KPCEtLSAvMTQwMDE2MzYvRFBfSW5zaWRlUG9zdF9BZHNlbnNlXzIgLS0+CjxkaXYgaWQ9J2Rpdi1ncHQtYWQtMTUyNDU5NTkwNTI2OC01Jz4KPHNjcmlwdD4KZ29vZ2xldGFnLmNtZC5wdXNoKGZ1bmN0aW9uKCkgeyBnb29nbGV0YWcuZGlzcGxheSgnZGl2LWdwdC1hZC0xNTI0NTk1OTA1MjY4LTUnKTsgfSk7Cjwvc2NyaXB0Pgo8L2Rpdj4KPC9kaXY+CjwvZGl2Pgo=\" data-block=\"18\">\n<div class=\"code-block code-block-18\">\n<div align=\"center\">\n<div id=\"div-gpt-ad-1524595905268-5\" data-google-query-id=\"CPWqsZbWnIoDFQJrFQgdF9kYxA\">\n<div id=\"google_ads_iframe_\/14001636\/DP_InsidePost_MPU_2_0__container__\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>Meanwhile, this is not the first time the Naira has appreciated upon CBN\u2019s policy interventions.<\/p>\n<p>However, the Naira gain has always been short-lived and temporary.<\/p>\n<p>DAILY POST reports that the development had impacted the FX rate used for import duties and cargo clearance, which was at N1645 per dollar Tuesday last week.<\/p>\n<div class=\"ai-viewport-2 ai-viewport-3\" data-insertion-position=\"prepend\" data-selector=\".ai-insert-19-98835194\" data-insertion-no-dbg=\"\" data-code=\"PGRpdiBjbGFzcz0nY29kZS1ibG9jayBjb2RlLWJsb2NrLTE5JyBzdHlsZT0nbWFyZ2luOiA4cHggMDsgY2xlYXI6IGJvdGg7Jz4KPGRpdiBhbGlnbj0iY2VudGVyIj4gCjwhLS0gLzE0MDAxNjM2L0RQX0luc2lkZVBvc3RfQWRzZW5zZV8zIC0tPgo8ZGl2IGlkPSdkaXYtZ3B0LWFkLTE1MjQ1OTU5MDUyNjgtNic+CjxzY3JpcHQ+Cmdvb2dsZXRhZy5jbWQucHVzaChmdW5jdGlvbigpIHsgZ29vZ2xldGFnLmRpc3BsYXkoJ2Rpdi1ncHQtYWQtMTUyNDU5NTkwNTI2OC02Jyk7IH0pOwo8L3NjcmlwdD4KPC9kaXY+CjwvZGl2PgoKPC9kaXY+Cg==\" data-block=\"19\">\n<div class=\"code-block code-block-19\">\n<div align=\"center\">\n<div id=\"div-gpt-ad-1524595905268-6\" data-google-query-id=\"CPaqsZbWnIoDFQJrFQgdF9kYxA\">\n<div id=\"google_ads_iframe_\/14001636\/DP_InsidePost_MPU_3_0__container__\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>Reacting, Idakolo noted that with proper monitoring by CBN, the EFEMS platform is a game changer to the country\u2019s FX market.<\/p>\n<p>According to him, EFEMS had created fear in the parallel market ecosystem, which had reduced unnecessary speculations negatively impacting the strength of the Naira.<\/p>\n<p>He noted that with Naira appreciation, the exchange rate for import duties is bound to reduce, which will in turn impact the prices of imported goods.<\/p>\n<div class=\"ai-viewport-2 ai-viewport-3\" data-insertion-position=\"prepend\" data-selector=\".ai-insert-20-88441751\" data-insertion-no-dbg=\"\" data-code=\"PGRpdiBjbGFzcz0nY29kZS1ibG9jayBjb2RlLWJsb2NrLTIwJyBzdHlsZT0nbWFyZ2luOiA4cHggMDsgY2xlYXI6IGJvdGg7Jz4KPGRpdiBhbGlnbj0iY2VudGVyIj4gCjwhLS0gLzE0MDAxNjM2L0RQX0luc2lkZVBvc3RfQWRzZW5zZV80IC0tPgo8ZGl2IGlkPSdkaXYtZ3B0LWFkLTE1MjQ1OTU5MDUyNjgtNyc+CjxzY3JpcHQ+Cmdvb2dsZXRhZy5jbWQucHVzaChmdW5jdGlvbigpIHsgZ29vZ2xldGFnLmRpc3BsYXkoJ2Rpdi1ncHQtYWQtMTUyNDU5NTkwNTI2OC03Jyk7IH0pOwo8L3NjcmlwdD4KPC9kaXY+CjwvZGl2Pgo8L2Rpdj4K\" data-block=\"20\">\n<div class=\"code-block code-block-20\">\n<div align=\"center\">\n<div id=\"div-gpt-ad-1524595905268-7\" data-google-query-id=\"CPeqsZbWnIoDFQJrFQgdF9kYxA\">\n<div id=\"google_ads_iframe_\/14001636\/DP_InsidePost_MPU_4_0__container__\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>\u201cThe newly introduced EFEMS platform by CBN for centralised bidding for forex is a game changer because of its transparency and the convergence of all previous bidding options into one platform.<\/p>\n<p>\u201cThere is no room for manipulations so far, and all the quotes are shown on the platform for both bidders and sellers.<\/p>\n<p>\u201cThis has created fear even in the unofficial forex market (black market) and reduced unnecessary speculations, which has negatively impacted the strength of the Naira.<\/p>\n<p>\u201cThe CBN must continue to monitor the market and fulfil its regulatory obligations to all stakeholders.<\/p>\n<p>\u201cThe BDCs must align to CBN\u2019s reporting standards, and the banks must not fail to inflict heavy sanctions on erring players.<\/p>\n<p>\u201cThe recent drop in the exchange rate for import duties is a step in the right direction, as clearing costs are bound to reduce, which will in turn impact the prices of imported goods.<\/p>\n<p>\u201cClearing charges is a major component in costing imported goods, and with reduced charges, the prices will also be adjusted accordingly,\u201d he told DAILY POST.<\/p>\n<p>On his part, Oyedokun attributed the recent appreciation to CBN interventions, increased FX inflows, and reduced demand for dollars.<\/p>\n<p>Like Idakolo, Oyedokun said that the strengthening of the Naira against the dollar could indirectly affect the prices of imported goods in Nigeria.<\/p>\n<p>\u201cWhile the recent drop in the import duties exchange rate may not directly impact the Naira\u2019s exchange rate, it could indirectly affect the prices of imported goods in Nigeria.<\/p>\n<p>\u201cIf importers can procure goods at a lower exchange rate, they may pass on these savings to consumers, leading to lower prices for imported goods,\u201d he stated.<\/p>\n<p>He, however, noted that several factors could mitigate this impact of the exchange rate drop on the prices of imported goods.<\/p>\n<p>\u201cGlobal Supply Chain Disruptions: Ongoing global supply chain issues may offset any benefits from the lower exchange rate.<\/p>\n<p>\u201cDomestic Economic Conditions: Domestic factors such as inflation, interest rates, and government policies can also influence the prices of imported goods.<\/p>\n<p>\u201cImporter Behaviour: Importers may not necessarily pass on the savings to consumers, opting to increase their profit margins instead\u201d, he further told DAILY POST.<\/p>\n<p>According to the Oyedokun, to sustain the Naira appreciation, the CBN needs to continue its efforts to maintain macroeconomic stability, attract foreign investment, and address structural issues.<\/p>\n<p>He added that, \u201cto sustain the Naira\u2019s appreciation, the CBN needs to continue its efforts to maintain macroeconomic stability, attract foreign investment, and promote exports.<\/p>\n<p>\u201cAdditionally, addressing structural issues such as corruption, insecurity, and inadequate infrastructure will be crucial.\u201d<\/p>\n<p>\u201cIt is important to note that the exchange rate is influenced by various factors, and the Naira\u2019s appreciation may be temporary.<\/p>\n<p>\u201cContinuous monitoring and strategic interventions by the CBN will be necessary to ensure the sustainability of the Naira\u2019s strength,\u201d he stated.<\/p>\n<p>Written By Ogaga Ariemu<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Nigerian analysts are hopeful that if the Naira&#8217;s value growth versus the dollar continues, it might result in a sharp decline in the cost of imported products and, consequently, the nation&#8217;s headline inflation rate, which was 33.88 percent in October 2024. The Chief Executive Officer of SD &amp; D Capital Management, Gbolade Idakolo, and Prof. [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":17555,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"om_disable_all_campaigns":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[43,6],"tags":[2137,2138],"class_list":{"0":"post-18621","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"category-news","9":"tag-dollar","10":"tag-naira"},"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Naira appreciation may force price reduction, inflation decline \u2013 Economists - The DailyNewswave<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thedailynewswave.com\/naira-appreciation-may-force-price-reduction-inflation-decline-economists\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Naira appreciation may force price reduction, inflation decline \u2013 Economists - The DailyNewswave\" \/>\n<meta property=\"og:description\" content=\"Nigerian analysts are hopeful that if the Naira&#8217;s value growth versus the dollar continues, it might result in a sharp decline in the cost of imported products and, consequently, the nation&#8217;s headline inflation rate, which was 33.88 percent in October 2024. 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