Bullion
Keywords
Naira, Currency convertibility, ECOWAS
Abstract
This paper examines the path to Naira Convertibility, the Journey so far. lt avers that convertibility is pursued by countries either as an economic management approach or as a tool for achieving higher reckoning on the global economic stage. Consequently, the examples of Argentina, Chile, Peru, Brazil, etc could fall in the first category while the Russian Rubble push could qualify for the second group. Nigeria's efforts at Naira convertibility would fall. The paper suggested that Nigeria should initiate a more realistic Naira convertibility programme through trade guarantees where it insists that imports from Nigeria from member ECOWAS members would have to be paid for in Naira rather than any other currency. This approach, it is thought, would engender the growth of Naira consciousness in the sub region and make the Naira a dominant currency in the region.
Publication Title
CBN Bullion
Issue
2
Volume
34
Recommended Citation
Tule, Moses K.
(2010)
"Naira convertibility: the journey so far,"
Bullion: Vol. 34:
No.
2, Article 1.
Available at:
https://dc.cbn.gov.ng/bullion/vol34/iss2/1
Included in
Finance Commons, Finance and Financial Management Commons, International Business Commons, International Economics Commons, Macroeconomics Commons