According to Channel Tv, The former governor of Edo State has laid the blame for the collapse of the Nigerian currency against the US dollar on recent government policies. Speaking at a stakeholders’ forum in Benin City, he said the naira’s sharp depreciation was not accidental but a direct result of “ill-thought-out and poorly implemented economic reforms.”
He said, “The truth must be told. The naira didn’t just fall from the sky. It was pushed down by policies that lacked foresight, sensitivity, and coordination. You can’t float your currency in a market where production is dead, and foreign reserves are low, and expect it to stabilize.”
He expressed concern over the consequences of the weakened currency, noting that the average Nigerian is the one paying the price. “People can no longer afford basic goods. Prices have gone through the roof. Inflation is suffocating businesses and households. What kind of economic recovery is that?” he asked.
According to him, “The policy to unify the exchange rate was a good idea in theory, but in practice, it has caused more harm than good. There was no buffer, no shock absorber. That’s why we’re seeing the naira at its worst point ever in history.”
He advised the federal government to revisit its monetary strategy and adopt a more pragmatic approach. “We must protect our local industries, restore investor confidence, and above all, stabilize the economy. No serious nation leaves its currency to the mercy of speculation.”
He added, “We can’t dollarize the economy and pretend we’re managing it. The cost of inaction will be far worse than the political cost of reversing a failed policy. Leadership is about being honest, even when it means admitting a mistake.”
He warned that if the current trend continues, the country may be plunged into deeper economic and social crisis. “We cannot gamble with the livelihood of millions of Nigerians. We have a duty to act, and to act now.”
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