No short cut to naira appreciation, says Nwoko

The Nation Newspaper No short cut to naira appreciation, says Nwoko

Nwoko, who represents Delta North, gave the advice in a statement he personally signed and made available to the News Agency of Nigeria , in Abuja on Saturday.

Nwoko also said the continuous revisit to previously implemented policies and considerations of new ones were imperative. “This will incentivise buyers to seek out Naira, thereby driving its appreciation due to increased demand and scarcity. “If our early indigenous leaders acquiesced to this approach due to colonial influence, why should we perpetuate it? The primary rationale often cited to justify foreign reserves is trade balance maintenance“, Nwoko said.

The lawmaker who is a Solicitor, Supreme Court of England and Wales, there was the need to acknowledge that the recent appreciation of the Naira was not solely attributable to the CBN’s new measures. In January, in a statement, he had preferred crucial measures to be adopted by the federal government CBN to combat dollarisation and stabilise the Naira.Nwoko said that since the dissemination of that statement, various measures have been implemented to bolster the value of the Naira.

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