Abuja - The Good Governance Advocates has
expressed doubts over the success of measures the Central Bank of Nigeria has
adopted to retain the value of the Naira.
The currency has been on a free-fall against major
tenders such as the United States Dollar, prompting calls to devalue.
Recently, President Muhammadu Buhari spoke against such
While it concurred with Buhari, the group took a veiled
swipe at the leader.
“We have extended importation to President, since 97
percent of our President's inaction and actions usually come from his abroad
tours,” said Ifedayo Obi, on behalf of the Good Governance Advocates.
He continued, “We need to come with terms, despite all
stringent policies on foreign exchange by CBN for over seven months the gap
between official and parallel markets rates keep widening.”
Also Read: CBN rejects Naira devaluation
Obi said all the policies to protect slim foreign
reserves and curb capital flight would continue to keep both official rate and
parallel market rate at "arms' length" in as much as those factors
responsible remain negative to our economy.
“In practical, forces of demand and supply should
determine price of any item but we are ignoring this fact. What we are running
from have eventually caught us unaware.”
Obi said the country needed “sincerity of purpose” in
governance “if we really want the governed to smile.”
“It really doesn't matter if Mr President keeps touring
the globe. No country will give you something without taking it back in 20
Obi added, "Let us make our home conducive for
businesses with policies and projects and not charity begins abroad
The Naira is officially pegged at 190 to the US$
but has previously traded at 300 in the parallel market.
- CAJ News