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Specifics on the Cedi, Naira and Dollar's Volatile Value (Analysis)

No day ever goes by without depreciation or devaluation stories from Ghana or Nigeria about the above mentioned currencies.

It all happens as if there were zero regulators in the financial sector or the monetary system in Ghana and Nigeria.

Both of these West African nations with local and soft currency are at a crossroads: either they join a common currency market or they take draconian measures to stabilise their respective currency. Let me put it this way : forex speculators should not be allowed to take advantage of the depreciation of the Ghana Cedi and the Naira to expand their illegal activities in broad daylight..

Black market money dealers, illegal cash changers must be cracked down on in a bid to end the vicissitudes of both currencies.

Ghanaian and Nigerian currency watchdogs should learn from their counterparts in Zimbabwe, South Sudan, Egypt ,Burundi among others.

Buying black market foreign currency contributes greatly to expanding black market or underground economy.

It's quite funny to see police officers and illegal currency traders carry out or perform transactions very openly in Accra or Lagòs !

It's hoped that the time for regulators and policy makers to act is here and now. I rest my case.

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Cedi Dollar Ghana Naira Nigeria


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