Investors looking to invest in Nigeria should look beyond the distractions from the current foreign exchange situation in the country in order to make better and profitable long term decisions, says the chairman of Stanbic IBTC Holdings Plc, Mr. Atedo Peterside

Financial Derivatives Company has said that the increasing uncertainty in the foreign exchange market has turned the naira into a ‘banana republic’ currency.

In what is becoming increasingly clearer, a cocktail of bad choices, incoherent policies made worse by instability in the markets, as well as a fastidious clinging to antiquated ideas, the fate of the Naira hangs in the balance as it continues its downward slide. This report will show why the Muhammadu Buhari administration’s misplaced belief that hope is best served for dinner, at a time when there may be no one at the table because the prognoses for the Naira and the economy, do not inspire confidence and growth.

The Naira on Monday remained stable, exchanging for N310 to the dollar at the parallel market.

Banks have recorded near zero foreign currency deposit inflow from high net-worth individuals indicating that their domiciliary account customers are staying cautious on the reversal of foreign currency deposit ban by Central Bank of Nigeria, CBN, early last week.