Economics Seminar: Naira Exchange Rate Issues, Digital Currency and Future Economics

09 June 2021

Economics Seminar: Naira Exchange Rate Issues, Digital Currency and Future Economics

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The Economics Department of Nile University held a Discussion and Insight program tagged “Naira Exchange Rate Issues, Digital Currency and Future Economics” on June 1st. The event’s guest speaker was Dr. Mrs. Ngozi Egbuna (Former Director General, West African Monetary Institute, Accra). In attendance at the program were Prof. Ben Akanegbu (Dean, Faculty of Management Sciences, Nile University), Prof. Gylych Jelilov (Dean, Faculty of Arts and Social Sciences, Nile University) and Dr. Nargiza Alymkulova (HoD, Economics Department, Nile University), among others.

The program started with an introduction of the guest speaker—as an accomplished individual who has effectively handled both the Nigerian Stock Exchange and West Africa’s as a whole— by the event host, Dr. Ahmed Adamu (Senior Lecturer, Management Department). Following the introduction, the discussion session, led by the guest speaker, commenced. In her address, Dr. Egbuna stated that the main purpose of establishing the West African Monetary Institute is to fast track the economic integration towards a single currency by harmonizing payment system in West Africa with a single-track approach. 

According to her, this can be achieved by creating a federal system with a central bank of ECOWAS which will require each country to have a branch of this bank to help stabilize exchange rate and minimize inflation. Dr. Egbuna further added that exchange rate is a very important economic indicator since it shows the health of the economy of a country. According to her, the exchange rate of the Naira has been volatile due to structural development issues such as lack of creation of indigenous product, investments, etc. 

Dr. Egbuna concluded her speech by encouraging Nile University’s Economics students to take their studies seriously to ensure that they are prepared to shoulder the responsibility of promoting the growth of Nigeria’s economy in the future. The event ended with a question-and-answer session during which Dr. Egbuna fielded the questions of the audience. 

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