Aare Onakakanfo of Yoruba land, Iba Gani Adams, yesterday expressed concern over the continued depreciation of the naira, saying there was urgent need for the Federal Government to help the currency regain its value.
Iba Adams made the call in Agege, Lagos State, during the celebration of the 2023 edition of Wealth Festival (Odun Aje), just as he said there was need for zero tolerance against corruption, alleging that 80 per cent of Nigeria’s revenues was being embezzled by those in position of power.
The Yoruba generalisimo noted that the development has affected the country in the global market, asserting that the naira has little value to Ghana cedi, South African rand and Namibian dollar, among others.
Gani noted that Chief Obafemi Awolowo had projected a strong naira as the currency that would stand the test of time, recalling that there were “good memories of some years when our naira was equal to the United Kingdom pound sterling and even higher than the American dollars.
“There is an urgent need for the Federal Government to look into the best way to help the naira regain its value. It is a matter of concern to see how the naira depreciates daily. The continuous depreciation of Nigerian currency has affected the country in the global market.
I feel bad whenever I see how the naira has lost value among the currencies of the world. The naira is of little value to Ghanaian Cedi,South African Rand and even the Namibian Dollar.
“For instance, one Ghanaian Cedi is N39.09 Nigerian naira. One naira is less valuable than the South African rand. One South African rand equals N24.98 naira. Also, the Namibian dollar is more valuable than the Nigerian naira.
“The American dollar is put at over N700 to our naira, while the United Kingdom pound is trading at over N800 to the naira,” Iba Adams stated.
The Yoruba generalisimo said the depreciation of the country’s currency is not only the result of bad leadership, but also due to the citizens’ failure to appreciate the deity in charge of wealth -Aje.
“The depreciation we experience today did not only result from bad leadership, it is as a result of our failure to appreciate the deity in charge of wealth -Aje.”