This is according to a financial analyst and former Vice-President Investments, Merrill lynch, Mr Kenneth Iwelumo.
Mr Iwelumo acknowledged that, although Nigeria’s dependence on imports will make this a challenge, he called on the Central Bank of Nigeria (CBN) and the federal government to find a middle ground.
The financial expert made this known on our morning breakfast programme, ‘Business Morning’, saying “a weak Naira will encourage Foreign Direct Investments (FDI) into the country while a strong Naira will discourage FDI flows to the country.”
He further explained that President Jonathan’s job and wealth creation needs funding flows for technological and industrial development and a weak Naira will enable this.
“A weak Naira will make Nigeria competitive globally and it will encourage investments to come in while a stronger Naira will only encourage Nigerians to take their money out of the country.
He therefore urged the CBN to find the middle ground.