Since market forces are unable to stabilize the Naira, the currency of the nation, Senator Adams Oshiomhole has asked the federal government to step in.
Just months after the Central Bank of Nigeria (CBN) floated the naira, on Tuesday, September 26, the naira was trading in the parallel market for N1,000 for a dollar and N1,200 for a pound.
Oshiomhole urged the government to step in to protect the nation’s currency while speaking on the Senate floor during the screening of Yemi Cardoso, a candidate for CBN governor, and four other deputies.
“The challenge we face now is that everyone seems to have completely yielded to the so-called market forces and rely on the invisible eyes of Adams Smith to regulate and determine the value of the naira,” he said on Tuesday.
As a result of Babangida’s devaluation, it is now obvious that the naira will never be stabilized by market forces.
State action is required.
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Oshiomhole questioned how the manufacturing sector would expand with such a high interest rate.
Oshiomhole continued, “Interest rates cannot be at 20% or 25% and you are expecting the manufacturing sector to grow with investments requiring long gestation periods.”.
“Even if you sell drugs. You would discover that drug dealers in Latin America are more aggressive.
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The West’s praise of some of the Tinubu-led government’s policies was then questioned by Senator Oshiomole.
“As a result, I believe that full outside-the-box thinking is necessary.
I am always leery when the West praises our free market, lack of government regulation, and other things,” the Edo North lawmaker said.
We must challenge our presumptions.
We don’t have to imitate Washington and all these other international financial centers. It is in their best interests that they pursue.
The phrase “common interest” is untrue.
