I Will Ensure Naira Is Equal To Dollar In Value - Buhari

I Will Ensure Naira Is Equal To Dollar In Value - Buhari

The All Progressives Congress (APC) presidential candidate, Gen. Muhammadu Buhari, on Monday, March 23, said he would ensure that the naira was equal to the dollar in value, if voted into office, Vanguard reports.

Buhari stated this while campaigning at the southeast presidential rally of the party at Dan Anyima Stadium, Owerri.

“It is sad that the value of the naira has dropped to more than N230 to one dollar; this does not speak well for the nation’s economy,’’ he said.

READ ALSO: Why I Refused To Devalue Naira - Buhari

He urged the people to vote for the APC, noting that he would ensure that corruption was tackled headlong if elected.

Gov Rochas Okorocha had earlier urged APC supporters to vote for the party’s candidates at all levels, noting that a vote for Buhari without support to others at the state would amount to nothing.

Okorocha said Buhari would address the problem of electricity, bring back the kidnapped Chibok girls and promote industrial growth.

He said that Buhari was loved by the people in the region and urged them to elect him and other candidates in the forthcoming elections.

The former governor of Anambra, Chinwoke Mbadinuju, and former minister of education, Chinwe Obaji, were formally welcomed to the APC at the rally.

The rally was attended by APC supporters from Abia, Ebonyi, Anambra, Enugu and Imo.

The International Monetary Fund (IMF) has pointed out the need for the implementation of reforms to include the devaluation of the naira. The naira devaluation will lead to a chain of reactions, many of which may not have the appropriate results, because the Nigerian economy mainly depends on oil.

The devalued naira will drive the export of local products, which do not exist in the required volume for now, but will create an additional burden on the populace, the reason being that the cost of consumables, across the board, will escalate.

As the direct consequence of the raise in the base lending rate the cost of loanable funds would have risen. In such case the development will be counterproductive, and against the thrust of the government’s touted plan to create jobs.

However, to start the journey of bringing our naira back to equal the dollar or other foreign currencies, we must agree that it is a home grown problem which to a large extent requires home grown solutions.

We failed because we did not see the need to be realistic with our situation. We over-rated our capabilities and got careless and wasteful with resources; we developed tastes that our economy could not sustain and consequently lost all senses of direction. Moreover, our leadership along the line sold the country to foreign interests as looted monies were being siphoned abroad. Lastly, our leaders, especially the military, were overwhelmed by the responsibilities of managing Nigeria as a corporate entity.

READ ALSO: Naira Devaluation: Retailers Are The Biggest Losers

Many Nigerians have expressed their opinion on Buhari's statement that he will ensure that the naira is equal to the dollar in value. According to a nairaland user name 'Ichidodo' he said, "Artificial propping of the Naira can only lead to disaster...The fall of the naira is very good for exports even Japan delibrately devalues its currency to boost exports.The high demand accelerates industrialization and boost their GDP.With the transformation agenda blossoming, the naira and Nigeria can only get better."

According to another nairaland user name 'dmyke', "For those always harping about the rise of the Dollar against the Naira, please take out time to educate yourself. The rise of the Dollar is a global phenomenon. Over the past few months, the Dollar has risen against virtually every currency in the world. Ever wondered why the Naira has not falling against other currencies such as the Euro? Either you are bloody daft or uninformed to speak sensibly on issues, Currency rates are influenced by a number of factors, the Euro for instance is going down because of the issues with greek and the growing doubts on the future of the Euro zone, Japan is recovering from a recession, and the US economy has been performing well, why did you leave pound out of your crap?"

A nairaland user name 'jane o5' said, "if ur oga GMB had such brain to increase naira value or make it equivalent to one dollar,he should have showed up at the debate and tell us what he intends to and how he intends to do it."

Meanwhile a popular Nigerian blogger tweeted awhile ago to dismiss the claim going round that Buhari said he will make the naira equal to the dollar.

Source: Legit.ng

Authors:
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Khadijah Thabit (Copyeditor) Khadijah Thabit is an editor with over 3 years of experience editing and managing contents such as articles, blogs, newsletters and social leads. She has a BA in English and Literary Studies from the University of Ibadan, Nigeria. Khadijah joined Legit.ng in September 2020 as a copyeditor and proofreader for the Human Interest, Current Affairs, Business, Sports and PR desks. As a grammar police, she develops her skills by reading novels and dictionaries. Email: khadeeejathabit@gmail.com

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