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HomeNewsTwitter Revisits Obi’s Warning On Naira Floating As Forex Hits $1/N1,520

Twitter Revisits Obi’s Warning On Naira Floating As Forex Hits $1/N1,520

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“Floating the Naira without adequate supply is like building a non-gated house in a crime-infested community. You can’t float your currency without a defense mechanism and adequate supply.

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“We’d have revalued the currency to about N600 and managed the supply from there on. Not even in the developed world has anyone left their currency to pure market forces.

“We would also have dealt decisively with the criminality side of things. The round-tripping of dollars and the illegitimate use of the USD in domestic transactions. We have to make Naira the preferred currency for transactions. Of course, if you earn your USD legitimately, you can use it as you like, but it’s important that every decision is adequately thought through and crime is reduced.”

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