The President of the African Economic Summit, and former Peoples Democratic Party (PDP) Presidential Aspirant, Dr. Sam Ohuabunwa has described the Naira as a paperweight currency when compared to other currencies.
Ohuabunwa said this on Channels TV while reacting to the speech of President Bola Tinubu at the World Economic Forum in the Netherlands.
Recall that President Tinubu had told the gathering that he took the decision to allow the Naira to float in order to find its weight among other currencies. Tinubu, therefore, likened the aftermath of the decision to a plane with its two engines faulty.
Reacting to Tinubu’s statement, Ohuabunwa, decried the fall of the Naira.
He said: “I think the world has always wanted us to do our best. To make our currency much more easily tradeable. But the truth of the matter is that the President said he wanted the Nigerian currency to find its weight. And all of us saw that the Nigerian currency was just a paperweight.
“It went below featherweight, it was becoming a paperweight. It got to N1, 900 to $1. Until frantic actions were taken to stop that weight balancing.”
“I believe currency is a commodity, it is exchangeable and it has its price and cost. If I want to do anything for my economy, I will want to do it at a time when I can defend my currency.
“At the time we did the floatation, we saw that it was a tough job defending the naira. It was tough.”
The immediate past President of the Pharmaceutical Society of Nigeria, however, acknowledged the good job done by the president and his team in stabilizing the Naira to an extent. He warned that Nigeria can not afford to continue borrowing to defend the Naira.
Ohuabunwa therefore, advised that efforts should be made to ensure that the Naira doesn’t slide further by undertaking massive exportation. He added that the country should look towards intra-African trade.
He also said investment should be made in the agricultural sector. This, he said, will help to improve the exportation of agricultural produce. And would also improve the inflow of the Dollar into the country.
source: DAILY TRUST
