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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.

Author Bio

The author is a staff of the Central Bank of Nigeria.

Publication Title

CBN Bullion

Issue

2

Volume

34

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