What Tinubu Must Do If He Wants Naira To Rise, Reno Omokri Speaks

• Reno Omokri has told President Bola Ahmed Tinubu what he must do to make the naira rise again
• The renowned social media influencer said President Tinubu must cast his gaze on some anti-Nigerian sentiment on the NCC board
• He said that the fall of the naira was not due to bad governance, explaining that the naira was being artificially propped up by the previous government

Legit.ng journalist Adekunle Dada has over 5 years of experience covering metro and government policy

Reno Omokri, former aide to ex-president Goodluck Jonathan, said President Bola Tinubu must focus his attention on the board of the Nigerian Communications Commission.

Omokri said it is important because there is some anti-Nigerian sentiment on the NCC board.

He questioned the decision of the NCC to authorise MTN to collect value-added tax. He asked what relationship some members of the NCC board have with MTN.

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Writing via his X handle (formerly known as Twitter) @renoomokri

“Already, MTN is responsible for some of the most significant capital flights out of Nigeria. Together with Airtel, they are responsible for almost $20 million leaving the Nigerian economy for South Africa and India every day. It will be a shame if Nigerian officials help them to undermine the Nigerian economy as they have done in Ghana.”

Naira is not down because of bad governance

In another tweet, Omori said the Naira's decline is attributed to not bad governance but the Nigerian government's past practice of artificially inflating its value through borrowed funds.

"The Naira is not down because of bad governance. Actually, it was bad governance that kept the Naira artificially high before this era. Nigerian was spending $1.5 billion each month to artificially prop up the value of the Naira under Buhari's disastrous regime."

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Senate summons CBN governor, Cardoso over fall of naira

He explained that President Tinubu's decision to float the Naira aims to address this issue of artificial value.

He, however, said progress depends on Nigerians' patriotism and support for local products and services.

Senate Summons CBN Governor, Cardoso

Legit.ng earlier reported that the Nigerian Senate summoned the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso over the state of the nation’s economy and the fall of the naira at the Forex market.

The Committee on Banking, Insurance and Other Financial Institutions, chaired by Senator Adetokunbo Abiru (APC, Lagos East), summoned Cardoso after the Naira had nose-dived to N1,520 to a US dollar on Wednesday, January 31.

Source: Legit.ng