Acting Director-General of the Securities and Exchange Commission (SEC) Ms. Mary Uduk calls for an emergency meeting to safe the country’s economy against the consequenses following the fall in the value of naira and increasing spread of coronavirus disease.
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Uduk said that Nigeria’s 2020 budget is seriously threatened when she was addressing newsmen in Abuja, on its forthcoming International conference on Nigeria’s Commodities Market.
She also notes that the Commission will be looking at the new developments in the global market to control the effect on the Nigerian capital market. And also other foreign exchange sectors including crypto market.
She also commended efforts led by the Central Bank of Nigeria, CBN, noting that the CBN also needs support from stakeholders across all sectors of the Nigerian economy in order to achieve a meaningful results.
Moreover, with a combined effort of stakeholders, Nigeria Naira will maintain a good value against Bitcoin at the cryptocurrency market. Currently trading at 370 naira per dollar.
“The government has to sit down, deliberate and look at the steps that are to be taken in order to avoid a recession, if we are not already even there. And you know that it will affect our ability to earn foreign exchange which is predicated on doing a lot of things. We have to service our debts and all of that.”
“It is not just one sector, it has to be a concerted effort, all of us need to sit down and say what we can do right now, as we speak a lot is been done in CBN.”
Speaking on the need for the forthcoming International conference on Nigeria’s commodities market. She also said that it is another platform for critical stakeholders to discuss on issues bothering on diversification of the Nigeria’s economy.
Moreover, the country needs to take measures to avoid entertaining the spread of Coronavirus in Nigeria and also control the price of Nigeria Naira to Dollar at the foreign exchange maintaining its price against Bitcoin at the cryptocurrency market.