CEM REPORT | Presidential Candidate of the Labour Party, Peter Obi, has taken to his Twitter account to urge the Federal Government to restore confidence in the national currency.
He explained that economic hardship and fiscal pressures have led to the plunge of the Naira.
He advised Nigerians to stop using foreign currency to pay for domestic activities and contracts.
“Distortions in the economy and fiscal policies have triggered instability of the Naira, The plummeting exchange rate is worrisome.”
“The Fiscal Managers should come up with a policy line or modality for arresting the value drift and restoring confidence in the National currency. Also, denominating domestic transactions and contracts in foreign currency should be stopped forthwith.”
This comes on the back of the recent crash in the Naira to a record low of N720/$ at the black market, creating a wide difference between the official rate of N415.76/$
Meanwhile, Nigeria’s foreign reserve continued on its downturn with a 0.07% decline to stand at $39.25 billion on Wednesday, 27th July 2022 compared to $39.27 recorded the previous day. Notably, the external reserve has dipped by $196.71 million in one week, following the recent volatility in the exchange rate markets.
This is as the inflation rate hit its highest level in half a decade, and the fifth consecutive monthly rise to 18.6% in June 2022, from 17.71% recorded in the previous month.