Only Increased Export Will Stop Naira from Further Depreciation -NEPC

The Nigerian Export Promotion Council (NEPC) has revealed that the key to stabilising the free fall of the naira against the dollar lies in enhancing the country’s export capacity.

Speaking in Abuja on Thursday, Dr Ezra Yakusak, the Executive Director of NEPC, explained that an increase in Nigeria’s exports would result in a stronger value for the naira in the international market.

“The only way to halt the depreciation of the naira is through expanding exports. When you export, you add value, and your currency gains strength,” he stated.

Yakusak emphasised that this was the reason why the council was organising the 2nd National Conference on Non-Oil Exports with the theme “Building a Sustainable National Economy through Non-Oil Export” to further bolster the value of the Nigerian currency.

The conference, scheduled to take place on October 4 and 5, 2023, in Abuja, aims to convene stakeholders from both the public and private sectors to deliberate on strategies to enhance the country’s export capacity.