In simple terms, it means the process of merging different exchange rates in a country’s foreign exchange market, typically to establish a single exchange rate regime.
The unification of the Naira exchange rates in Nigeria could have the following implications for Nigerians:
Notwithstanding these implications, experts still say that the success of exchange rate unification depends on various factors, including the effectiveness of monetary and fiscal policies, prudent management of foreign reserves, structural reforms, and a supportive business environment.
Nevertheless, Nigerians are advised to take a proactive approach to whatever the outcome of this unification may be. Protect your wealth through investments and create viable passive income streams to create financial resilience. This is because the specific details and impact of exchange rate unification can vary depending on the approach taken and the prevailing economic conditions in Nigeria