Sen. Ned Nwoko, has advised the Federal Government and the Central Bank of Nigeria against any measures that capable ifNwoko, who represents Delta North, advised in a statement he signed and made available to the News Agency of Nigeria , in Abuja on Saturday.
Nwoko also said the continuous revisit to previously implemented policies and considerations of new ones were imperative. “This will incentivise buyers to seek out Naira, thereby driving its appreciation due to increased demand and scarcity. “If our early indigenous leaders acquiesced to this approach due to colonial influence, why should we perpetuate it? The primary rationale often cited to justify foreign reserves is trade balance maintenance“, Nwoko said.
The lawmaker who is a Solicitor, Supreme Court of England and Wales, there was the need to acknowledge that the recent appreciation of the Naira was not solely attributable to the CBN’s new measures.Abuja American Int'l school refunds Yahaya Bello's $760,910 to EFCC