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May 22, 2024

NAIRA DEPRECIATION: Go after saboteurs, Gani Adams tells Tinubu

Gani Adams

Aare Onakakanfo of Yorubaland, Gani Adams, has urged President Bola Tinubu to go after those sabotaging the Federal Government’s efforts at halting the depreciation of Naira.

Adams also told the Governor of the Central Bank of Nigeria, CBN, Mr Yemi Cardoso, to put an end to the fraudulent trading of dollars for Naira.

Speaking at the 2024 edition of Odun Aje Festival in Lagos, he lamented the fall of Naira, saying the situation has become worrisome.

His words: “I will appeal to the President, the Central Bank Governor, as well as all government financial institutions to go after any individual or investor that is working against the Federal Government’s resolve to strengthen the naira.

“The fraudulent transaction of dollars to naira and round-tripping must be stopped to save our economy. The Nigerian economy is in serious trouble; and there is urgent need for a better approach to save the naira.

“As our naira continues to fall, it is no doubt that Nigeria will be at the  mercy of other countries that have strong value for their currencies. Even the global investors would  not take a country with a weak currency seriously economically.

“Let me also say that a weak currency will always affect local production. Especially, in a situation where most of the materials needed for the productions of the local products are not made in Nigeria.”