A GOVERNORSHIP aspirant in Lagos, Chief Owolabi Salis, has urged President Buhari to take advantage of Nigerians in Diaspora and use tourism to stabilize the foreign exchange rate.

Salis, a member of the opposition Peoples Democratic Party, PDP, said, “One good thing about Nigerians in Diaspora is their patriotism and the familial relationships many of them keep back home. Many are willing to send money to loved ones and to start one new project or the other but the exchange rate needs to be competitive and fair to them.

“The exchange rate gap between the official and the BdC started when former CBN governor, Lamido Sanusi, stopped the collection of foreign currency back in Nigeria saying that there is dollarisation of the economy. This created a gap that some banks officials exploited. Before the Sanusi directive, if you sent dollar to Nigeria, you could receive dollar in Nigeria. The sender had a choice to either convert the dollar at the bank or at the BDC. Then, exchange rate was stabilized and the gap between the official and the BDC rate almost disappeared,” Salis, who is lawyer and chartered accountant argued.

“But there was no dollarisation of the economy as claimed because the dollars were eventually exchanged before being spent at the grassroots economy. Nobody was spending dollars in the markets. Another advantage of this is that many Nigerians in Diaspora would be willing to send money to Nigeria because they know they are getting a fair deal. To make this beneficial to the economy, bank charges on collection should be eradicated because bank charges were already paid at the sending location. This can generate billions weekly to the Nigerian economy.’’

Salis, who was a member of “Friends of Buhari 2004 Queens, New York, reception” said of the nation’s tourism: “I am a frequent traveller and have visited so many countries. Tourism is another great source of funding. The best way to promote tourism is to eradicate visa requirements for visitors from high GDP countries who are staying less than 30-90 days.

‘’Experience has shown that professional tourists hardly go to countries where visa is demanded. If you want tourists with dollars to visit Nigeria, you have to eliminate visa requirements followed by promotions of tourist attractions and then the development of tourist guides. Nigeria is endowed with both spiritual and physical attractions. How many Nigerians know that after Islam that came with Arab culture and Christianity that came with European culture, the third transnational belief or culture that is embraced by people of different nationals or races of the world is the Yoruba kind of practice which has some similarities to some Jewish culture and beliefs like the Kabala?

“You might witness the practice of Kabala during observance of Yom Kippur, which means “day of atonement.”

In observing Yom Kippur, the practitioners abstain from eating and drinking and engage in day-long prayers for repentance. Some Christians incorporated Yoruba culture in their practice. One example is the Santeria. Some called it Lucumi or La Regla de Ochá or La Regla de Ifá. Oritcha accessories are sold in many parts of the world. Yoruba kind of culture and practice is well cherished across the world. What Nigeria condemns, the world cherishes.

Salis also urged the president to fight corruption aggressively across board. Because of corruption, it appears dollar is undervalued in Nigeria.

“This is the analysis: exchange rate most times is determined by buying and selling in countries of exchange. About 2 years ago, I heard of a land being sold in Lagos and Abuja for 500 million naira; corrupt people just bought easily. 500 million then was over 3 million dollars. 3 million dollars will buy you so much in US. No investor will have 3 million dollars and bring it to buy land in Lagos or Abuja. Rooms in standard hotels were going for 150,000 Naira per night which is over 800 dollars. Same hotel in the US charges about $200.  Because of these problems, flow of funds to Nigeria is limited except for those taking advantage of the country.”