By Ken Afor
The Aareonakakanfo of Yoruba land, Iba Gani Adams, has called for urgent action from the Federal Government to address the weakening of the Nigerian naira against major global currencies, particularly the US dollar.
Adams who was at the 2024 edition of the Odun Aje Festival in Orile Agege, Lagos State, highlighted the naira’s current exchange rate of N1,650 to the dollar, attributing the currency’s devaluation to “illegal businesses of saboteurs.”
“There is an urgent need for us to strengthen the naira from daily free fall,” Adams stated. “Now is the time for the Federal Government to go after those who are bent on sabotaging the efforts of this administration.”
The politician and social activist directly appealed to President Bola Ahmed Tinubu, the Governor of the Central Bank of Nigeria (CBN) Mr. Olayemi Cardoso and other financial institutions to go after individuals or investors engaging in activities that undermine the government’s efforts to stabilize the naira. He specifically mentioned the need to curb “fraudulent transactions of dollar to naira and round-tripping” to save the Nigerian economy.
Expressing concern over the far-reaching implications of a weak currency, the Yoruba leader warned that a devalued naira would make Nigeria vulnerable to the economic might of countries with stronger currencies. Additionally, he cautioned that global investors might hesitate to engage with a country whose currency lacks strength.
“A weak currency will always affect local production, especially in a situation where most of the materials needed for the production of local products are not made in Nigeria,” he said. He further emphasized that a weakened naira would inevitably lead to higher living costs and exacerbate inflation.
He also claimed that a weak currency could promote corruption and plunge the country deeper into economic turmoil. Expressing confidence in the government’s capacity to address the issue, he called on President Tinubu to ensure that the naira regains strength, aiming for an exchange rate of at least N500 to the dollar within the next year.
“It is an irony of fate to say that the Nigerian currency today is now 50 percent weaker and below the Cefars,” Adams remarked, highlighting the naira’s diminished value compared to the currency used in neighboring countries like Togo, Benin Republic, and Cotonou.
The Aareonakakanfo expressed confidence in the government’s ability to reverse the naira’s fortunes, setting a target of N500 to the dollar within the next year. “It is not impossible for us to have our naira gaining strength and bouncing back to at least N500 to a dollar, within the next one year. The government has the capacity and the wherewithal to change the ugly narratives of the Nigerian currency.”
Reflecting on the naira’s decline, Adams, a prominent member of the Oodua Peoples Congress (OPC) pointed out that in 2014, during an official tour of Togo, Benin Republic, and Cotonou, the CFA franc was just 28 percent of the naira’s value. However, today, N1,000 is equivalent to only 421.64500 CFA francs, a stark contrast that underscores the naira’s significant loss of value.
“I remember in 2014, when we traveled on an official tour of Togo, Benin Republic, and Cotonou for the inauguration of Oodua Progressive Union (OPU), the Cefar was just 28 percent of the naira.
“But today, the N1000 to cfa in Cotonou 421,64500 is a huge gap. The difference is too obvious for us to know that our naira has lost its value,” he added.
