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FG told to formulate policies to improve Naira rating - NIGERIAN TRIBUNE
CHAIRMAN, Managing Director and Chief Executive Officer, Bullion Go-Neat Global Limited, Ambassador Olufemi Ajadi Oguntoyinbo, has called on the Federal Government to urgently formulate policies that will improve the Naira’s rating with other countries’ currencies.
Ajadi made the call in a statement issued to mark this year’s Democracy Day which is celebrated annually on June 12, copies of which were made available to journalists on Thursday.
According to Ajadi, the present economic situation in Nigeria has shown sadly that Nigeria has lost its status as the Giant of Africa.
He averred that the exchange rate of Naira to Ghana Cedis and CFA currency of eight independent states in West Africa which make up the West African Economic and Monetary Union (UEMOA; Union conomique et Montaire Ouest Africaine) reflects the shambolic nature of Nigeria’s economy.
He expressed deep concern over the negative impacts of the dwindling value of the Naira on various sectors of the economy.
He urged the Federal Government to swiftly address the issue to alleviate the hardships faced by the citizens.
The parlous state of the Naira, according to Ambassador Ajadi, has led to a surge in prices of commodities, saying it is effectively eroding the purchasing power of the citizens.
As prices soar, the Nigerian people find themselves grappling with increased financial strain. From an entrepreneurial standpoint, sustaining production becomes a formidable challenge, prompting manufacturers to pass on additional costs to consumers, he said.
Ajadi also called on the governments at all levels to improve infrastructure facilities in the country, especially the roads.
Ajadi also called on the Federal Government through the Ministry of Aviation to improve the deplorable state of Lagos International Airport.
He said Terminal 1 of the Murtala Muhammed International Airport (MMIA), Ikeja, Lagos, has poor ventilation, non-functional air conditions and has thus become an uncomfortable waiting ground for both local and international passengers.
