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Allow market forces to determine naira value, not politics, ex- lawmaker urges FG

Former Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Dr. Rafiu Adebayo Ibrahim, has urged the federal government and regulatory agency on monetary policy to put politics aside and allow economics to rule and reign on the issue of naira exchange rate, adding that they should allow the market forces to determine naira’s fair value both at the time of boom and otherwise.

Senator Ibrahim, who spoke in Ilorin at the 30th edition of Media Parliament of the Kwara State Council of Nigeria Union of Journalists (NUJ), explained that the politicisation of the exchange rate only empowers the political class to do more harm to the nation’s economy, adding that Nigeria being a monolithic economy was enough reason for it to be financially disciplined and futuristic in its savings and investment policies.
The former senator advocated promotion of local production and industrialisation, particularly of products that are highly in demand, adding that the time was ripe to diversify the economy under a truly long-term strategic plan that would turn around the fortunes of the nation away from being mono-product.

He also called on the government to address the seemingly intractable insecurity which has adversely affected the nation’s economy, warning that its devastating effects, if unattended, would worsen the value of the nation’s currency.

 

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