Come up with strategy to stop naira depreciation, Edwin Clark advises CBN
Elder statesman Edwin Clark has called on the governor of the Central Bank of Nigeria, Godwin Emefiele, to take urgent steps to stop the downward spiral of the naira.
On Wednesday, the currency’s value deteriorated further against the dollar at the parallel market at N 855 to $1.
The elder statesman expressed concern over the high exchange rate, which he said had led to the rising cost of goods and services and stressed that Nigerians are finding it difficult to afford life’s necessities.
On redesigning the naira, Mr Clark urged the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to put short-term plans in place to mitigate any negative effect.
“On the redesigning of the naira, I am not a financial expert to say whether the decision was right or wrong, but reports have it that the exchange rate further increased the moment the announcement was made,” Mr Clark noted. “The advice I will give on this is that the CBN governor and other relevant stakeholders should come up with a short-term measure that will mitigate the effect of this development.”
He added, “Something urgent has to be done to prevent the naira from falling beyond what it is today. As we speak today, the rising cost of food is worrisome, and something has to be done to stabilise the situation.”
Mr Clark also expressed concern over reports of the increasing number of Nigerians relocating abroad, particularly youths.
He admitted there was nothing wrong with people travelling or relocating abroad.
According to him, the recent trend where an increasing number of Nigeria’s active youth are emigrating is worrisome.
He said the development was leading to increased brain drain, describing it as “very bad.’’
Mr Clark urged President Muhammadu Buhari’s regime to continue to put necessary measures in place to create a conducive environment to encourage youths to work in Nigeria and contribute to its growth.