A former presidential aspirant of the All Progressives Congress, Charles Udeogaranya, has condemned the Central Bank of Nigeria’s FOREX policy, specifically the floating of the Naira.
Udeogaranya argued that the policy, which allows the Naira to trade at parallel market rates, harms the economy due to Nigeria’s heavy reliance on imports and minimal local production. This, he claims, makes it difficult for Nigerians to compete globally, according to TheNation.
The criticism comes as Nigeria’s economy continues to struggle with import dependence. The country’s agricultural imports have increased, while local production remains stagnant.
Udeogaranya proposed a cap on the Naira’s value at 600 Naira per Dollar and offered his expertise to help the CBN devise alternative measures to revitalize the economy.
To address the issue, experts suggest diversifying the economy, investing in infrastructure, and promoting local content development. By strengthening local supply chains and reducing import reliance, Nigeria can create opportunities for its citizens to compete globally.
The CBN’s FOREX policy has been a subject of debate among economists and policymakers, with some arguing that it is necessary to stabilize the economy, while others see it as detrimental to Nigeria’s long-term economic growth.
