FOREX: Devise Economic Plan To Save Naira, Robinson Uwak Tells CBN, FG

A former member of the House of Representatives, Robinson Uwak, has called on the Central Bank of Nigeria, CBN, and the Federal Government to devise short term and long term economic plans to halt continous fall of the naira against the US dollars.

The naira has traded N1,000 against the dollar in black market recently.

The ex-lawmaker and businessman said Saturday that the development has caused inflation and requires urgent intervention.

In a statement on Saturday, Robinson Uwak said the CBN needs to stop the slide of the naira because the “country is basically an import-oriented economy underwritten by the mono product of oil.”

Uwak suggested that “necessary confidence building measures to restore the billions of dollars in the country’s foreign reserve, import substitution and currency control would help firm up the value of the naira in the short to medium term while more expansive, long term economic plan should be devised.”

“The dollarisation of domestic spending and huge wastes in governance must be curbed, and we must build a national consensus on the way forward for our future economic system,” he added.

Recall that the CBN governor, Oluyemi Cardoso, had during his screening by the Senate said he would discontinue unorthodox monetary policy regime of the apex bank in other to help his principal, President Bola Tinubu, to build a $1trn economy and strengthen the naira.