Business Economist urges CBN to strengthen naira

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Mr Cletus Uba, a Port Harcourt based economist, says the proposed change from polymer to paper currency notes is not the solution to the weak naira.

Uba made the observation in an interview with the News Agency of Nigeria (NAN) in Port Harcourt on Thursday, while speaking on the plan of the CBN to revert to paper notes.

He said that what the CBN should be concerned with was the strengthening the naira to compete favourably with international currencies.

‘’The purchasing power of the naira is too weak today, the Ghanaian cedi is higher than the naira; is it not a shame.

“The CBN should do something about it. Change of polymer to paper or paper to polymer is not in any way going to change the purchasing power of the naira,’’ the economist said.

Uba called on the central bank to introduce policies that would benefit the ordinary people and usher in economic boom.

He said that the only remedy to bail the country out of the economic distress was to straighten the naira.

According to him, the naira should be rescued and the time to do it is now.

The economist urged the central bank to invest the money meant to change the polymer notes in measures that would redeem the value of naira.

Uba said that resuscitation of the naira would truly reposition the country as the giant of Africa.

He said that what Nigeria needed now was the transformation of the naira into a stronger currency.

The economist said that Nigeria should not allow its currency, which was once one of the strongest currencies in the world, to become a paper money.

Uba, however, expressed confidence in the ability of the CBN leadership to restructure the naira.
 
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