Nigerians are now saving in foreign currencies to protect their wealth from naira volatility and surging inflation.
This was disclosed in a research paper in a journal published by the Central Bank of Nigeria on its website.
“Higher real-exchange rate volatility is associated with an increased level of currency substitution,” Central Bank economists including Isaiah Ajibola, Sylvanus Udoette, Rabia Muhammad and John Anigwe said.
There is a need to contain “exchange-rate volatility and inflation as a way of curbing the spate of currency substitution in the country,” they…
