Udeogaranya task CBN gov to rescind decision on naira floating policy

The 2019 APC Presidential aspirant, Chief Charles Udeogaranya has advised the governor of the Central Bank of Nigeria (CBN) Mr. Yemi Cardoso and his co-economic planners to rethink the Naira floating policy and accept the fact that Naira should not trade at any rate higher than 600 Naira to a Dollar.

He clarified that the Naira floating policy in reality term, means that the CBN is now trading forex almost at the parallel market rate.

Udeogaranya made this known in a statement while expressing dismay over the FOREX policy of the CBN in response to the recent interview granted by the CBN Governor, Mr. Cardoso, in defence of the floating of Naira.

He said that the Naira floating policy or selling almost at the black market rate automatically eliminates round-tripping, but it’s a no-brainer, rather grievously issues the Nigerian economy a death sentence, hence the demand for forex will always outweigh the supply, at a time we are a chronic consuming nation with minimal local production.

Udeogaranya said that there is no way Nigerians can compete in the global economy, if the average labour wage of a Nigerian in a month, cannot buy 1kg of chicken fillet in another nation’s economy.

The former Presidential aspirant urged Mr. Cardoso and his co-economic planners to rethink the Naira floating policy and accept the fact that Naira should not trade at any rate higher than 600 Naira to a Dollar, added that they should come up with more realistic measures to bounce back the Nigerian economy in no distant time.