The Managing Director, Guarantee Trust Bank Plc (GTB), Mr Segun Agbaje, has stated that the decline in oil price at the international market has affected the foreign exchange market.
Speaking at the 326th Bankers Committee meeting on Thursday in Lagos, Agbaje reckoned that the crash in the price of oil has had a telling effect on the Nigerian economy.
“I don’t think there is any secret any more. I believe that in Nigeria, we have all become experts on the foreign exchange market,” he said.
Noting that: “But the reality of where we are today is that we are coming from 115 dollars per barrel of oil price to somewhere around 40 dollars.
“We all have to make adjustments because our habits have to change with less money to spend.
“As corporate bodies, you have to invest in import substitution and develop things locally and that is truly where we are. I don’t think there is much to debate.
“We all have to make sure we allocate the scarce foreign exchange we have and make the best out of it”.