Rédaction Africa Links 24 with News Desk
Published on 2024-03-26 13:43:20
Dr. AbdulAzeez AbdulRaheem, a university lecturer from the Department of Finance at the University of Ilorin, emphasized the importance of the Federal Government’s crackdown on currency speculators to strengthen the naira. Speaking at the 10th Ramadan Lecture of Anwarul-Islam College, Agege Old Students Association (ACAOSA) in Lagos, he discussed the theme “Economic Insecurity in Nigeria: Islamic Solutions.”
In recent weeks, the Central Bank of Nigeria (CBN) and anti-graft agencies have taken action against illegal Bureaux de Change operators to discourage currency speculation. Additionally, the global cryptocurrency company, Binance, is under investigation in Nigeria for activities related to currency speculation and manipulation.
Dr. AbdulRaheem stressed the need for continuous deployment of state instruments to address speculators as their activities negatively impact the local currency. He highlighted that achieving a strong local currency requires a combination of policies and actions. While acknowledging the recent gains of the naira against the dollar as beneficial to the economy, he cautioned that these gains could be eroded without consistent government policies.
The lecturer explained that according to the Purchasing Power Parity (PPP) pricing system, the exchange rate of the naira to the dollar should ideally not exceed N500. He urged the government to sustain its efforts to strengthen the naira through appropriate monetary, fiscal, and legal measures. Dr. AbdulRaheem warned that failure to do so could lead to a significant depreciation of the naira against the dollar in the future.
President Bola Tinubu’s call for citizens to support made-in-Nigeria products as a means to bolster the naira was deemed appropriate by Dr. AbdulRaheem. However, he emphasized that the affordability and availability of locally produced goods are crucial for their patronage. He questioned the feasibility of buying Nigerian goods if they are costly due to imported materials and levies.
The lecturer also called for accountability across all levels of government, civil service, executive, and judiciary, emphasizing the need for consequences for every action to enhance governance. ACAOSA’s President-General, Abdulfatai Afolabi, encouraged Muslims to persevere with determination and faith in the face of current challenges, underscoring the association’s commitment to promoting Islamic values through events like the Ramadan lecture.
He expressed gratitude to old students for their support in refurbishing the school hall, with pledges for 13 air conditioners already made. The collective effort to uplift their alma mater and community was highlighted as a shared goal. Overall, the event emphasized the importance of economic stability, accountability, and community support in fostering positive change and development in Nigeria.
Read the original article on DailyNigerian.com
