Investor and real estate expert, My-Ace China, has said for Nigeria to boost investors’ confidence and stabilize the free falling Naira in Foreign Exchange (Forex), Central Bank of Nigeria’s (CBN) management crisis, a double faced External Reserves bar and government excessive borrowing must be checked among other irregularities in the nation’s financial atmosphere.

China, fondly called the Mayor of Housing, was speaking in Port Harcourt, Rivers state on how to make the Naira stable and options for viable businesses Nigerians should embrace in the face of daily rise in prices.

He said, “Billions of Dollars in investors are waiting to flow in for Nigerians but lack of trust is keeping them. Nigeria is at the moment politicising affairs of the Central Bank of Nigeria (CBN). Laws are not obeyed.

“The law that CBN submits audited report yearly has been ignored for seven years but no institution of government said or did anything. National Assembly that has oversight function kept mum. Investors want to know who is in charge of Nigeria’s monetary institutions, their body language, background, etc.

“Yes, an acting CBN Governor, but how many foreign investors will open their portfolio on a man on acting capacity? They want to see and feel the main man on the seat, they want to read his body language, trace his economic policy background, and make fast decisions.”

Among factors inducing crisis in Nigeria’s forex market, the Mayor of Housing said, “Nigeria’s external reserve bar is indicating two figures, very bizarre. It had hovered at $39Bn but now reading two figures: $30Bn and $17Bn. Digital or internet information is what the global investment world follows. Two figures in existence is bad for the financial reputation of any country.”

He referred to the Guidotti-Greenspan Rule which is that a country’s reserves should equal short-term external debt (one year or less maturity), adding, “It says we should not borrow above our foreign reserve. That scares the people.”

He urged “Nigeria to push its oil fortunes harder because non-oil export moved only 1.2% after so many years. We should exploit our best opportunities in oil while we do non-oil. Our immediate saving grace is in oil sector.”

On what the common man can do to help self under increasing market prices, he said, “The answer is on producing for the outside market. Think of how to turn your products to export goods. Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation (WTO) came to Nigeria to see how women products can join export.

“If Nigeria were fully productive, it would have covered up the need for forex arbitrage. About 60% of agricultural products in Nigeria go rotten. Farmers don’t have the knowledge to process and preserve things. That’s why Ngozi came. Politics and oil have destroyed the economy.”