Stop Naira Slide, Hon Uwak Urges Federal Govt, CBN

A former member of the House of Representatives, Robinson Uwak has called on the Central Bank of Nigeria (CBN) and all relevant institutions to halt the current slide of the country’s currency, the naira.

The Nigerian currency has in recent days been trading between N780 and N1,000 against the dollar in some quarters, which has fueled inflation in consumer goods that are traded on foreign currencies as the country is basically an import-oriented economy underwritten by the mono product of oil.

In a statement yesterday, Uwak, who is a businessman and former representative for Oron, Mbo, Okobo, Ure-Offong/Okobo and Udung-Uko Federal Constituency of Akwa Ibom State, said it was time to stop the currency slide.

Uwak said 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 said.