Senator Benedict Murray-Bruce who represented Bayelsa East Senatorial District at the National Assembly and chairman of the Silverbird Group, has explained why Nigeria is experiencing increasing dollar rates after floating the currency.
Murray in a statement on X platform, Saturday, noted that the Central Bank of Nigeria, CBN, stopped the practice of defending the naira with $1.5bn monthly funding and urged Nigerians to patronise local industries to strengthen naira.
His words, “the Naira is finding its proper and natural value because the Central Bank of Nigeria has stopped the practice of defending the Naira with $1.5 billion monthly.
“If you want the Naira to rise, don’t come on social media to vent. Instead, it would be best if you now defended the Naira by coming on social media with Glo data. Coming to Silverbird Cinemas to watch Nollywood movies. Shifting from Manchester United and Real Madrid to Enyimba FC and Kano Pillars.
“Eating Dangote spaghetti and washing it down with Chivita juice, and flying home for Christmas and New Year with Air Peace. Only when we
“BuyNaijaToGrowTheNaira will appreciate the Naira, not when we come on social media to vent.”
It would be recalled that naira hit a new record low of 999 per dollar on the official market on Thursday, Refinitiv data showed, in line with weakness on the parallel market as dollar shortages continued to put pressure on the currency.
The naira has been in free-fall on the unofficial market, where it trades freely, which worsened after currency restrictions were lifted on the official market in June.
