Miffed by continuous depreciation of Naira against Dollar and other currencies in the foreign exchange market, the Eze Ndigbo Ifako Ijaiye, Eze Michael Ezekwobi (Oyiomanatumba Ndigbo Gbaagburugburu) has called on the Federal government and in particular the new CBN governor to stem the free fall of the currency before it ruins the economy.
In a statement, Ezekwobi said the development was already hurting the economy as the prices of goods and services have hit the roof tops with devastating impact on the common man.
On why the rise in Dollar rate is telling on Nigerians, the Royal Father, said Nigerian economy is import based. “As you may know, we practically import almost everything, including toothpick and as such any time Dollar rises against Naira, the effect is immediately noticed as we can see on the prices of petroleum, rice and other essential commodities.
Speaking on the way forward, Ezekwobi called on President Tinubu economic team to initiate policies that could lead to diversification of the economy from only oil. “It is sad that after 60 years of independence, Nigeria fell from an Agro based economy to a nation that could barely feed her citizens. It is also appalling that despite the fact that the country falls among leading petroleum nations in Africa, she can’t boast of any functional refinery. All these obstacles must be overturned if we must truly become the giant of Africa,” he said.