… Says FG’s forex policy short-changing Nigerians, breeding corruption
EKITI State Governor, Ayodele Fayose, has urged President Muhammadu Buhari to devalue the nation’s currency.
Fayose said: “With the gap between the official rate of N199 and open market rate of over N400 to one dollar, the naira has already been devalued.”
He said President Buhari should, therefore, stop deceiving himself and short-changing Nigerians, especially states and local councils in the country with his forex folicy.”
Governor Fayose, who said there was no time in the history of Nigeria that the gap between dollar official rate and open market rate was more than N200, pointed out that it made no economic sense for the Federal Government to be calculating the country’s revenue on the basis of the Central Bank of Nigeria (CBN) official rate of N199 to a dollar, while states and local councils that are sharing the revenue with the Federal Government run their businesses at the open market rate of over N400 to one dollar, thereby causing business to be folding up by the day and prices of goods skyrocketing everyday.
Special Assistant on Public Communications and New Media to the governor, Lere Olayinka, in a statement issued in Ado- Ekiti yesterday, quoted the governor as saying apart from breeding corruption through round-tripping or foreign exchange arbitrage, Nigerians are also being duped and middle class Nigerians, the main people that grow the country’s economy, are being decimated.
He said: “President Buhari has travelled to 24 countries in eight months, and will be spending 16 out of the 29 days in February outside the country, with over $500,000 being spent on estacode, while the presidential air fleet, which includes fuelling of the planes and allowances for crew is said to be in the range of $500,000.