The Chairman, GBS-Alliance for African Economic Development Initiative (GBS-AAEDI), Prophet Bola Shonekan, has said that Nigeria can reverse the value of the naira to the dollar by bringing it back to its 1986 value through legislation.
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He stressed that President Bola Ahmed Tinubu administration can achieve this through legislation that has been prepared and possesses United States Congressional Copyright through the US Library of Congress.

Shonekan, who stated this in Lagos, said he has conducted research and development for over 40 years on the path for the economic recovery for Nigeria and Africa.

He said: “The reversal of the Structural Adjustment Programme (SAP) era to the then generally accepted naira to dollar rate of N1 to S1.38 would be practical and feasible through legislation. That, in itself would relieve Nigeria of the exchange rate burden and bring a realistic price to the fuel pump without subsidy and no subsidy required for the exchange rate. This could also bring relief to the exorbitant price of imports.”

Shonekan, who advocated a common currency for Africa, stated that the GBS-AAEDI has worked out arrangements with the U.S. Federal Reserve Bank of Atlanta, Florida, as a point of outsource for the printing of the new African currency that will become the continent’s common currency and will be named ‘African Cowrie’.

He said GBS-AAEDI seeks for an economic recovery project for Nigeria and Africa to attain economic freedom and independence and self-sustainable growth for the continent.
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“Nigeria and Africa have long been overdue for realistic and meaningful development for the proper education of their people, with stressed homegrown influence and not through borrowed ideas propagated by exploiters that stand to gain to the disadvantage of the people of Africa.

“This laudable plan and future plans to be implemented will refuse to accept any foreign currencies for the purchases of all globally essential African mineral resources except her own African cowrie. This will bolster a new and stronger economic relationship with the U.S. government and its U.S. Federal Reserve banks.

“The plan will automatically upgrade the African cowrie to a convertible global currency status and enhance its acceptance as a new and reliable global currency, second only to the US dollar, because of the length of its existence in the global market,” Shonekan said.

According to him, the plan will give birth to establishment of Nigerian Federal Reserve Banking System and Capital Market system, Nigerian oil backed Treasury bills, immediate liquidation of federal and states external debts, and self funding of nation budget, among others.

Shonekan, who commended the Renewed Hope agenda of the Tinubu’s administration, said the crucial point to its success is how best to finance such enthusiastic projects.
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