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Adams Calls Tinubu To Take Action Against Opposers of His  Administration’s Initiatives

The Aareonakakanfo of Yoruba land, Iba Gani Adams, has encouraged President Bola Tinubu to take action against those who are working against his efforts to stabilize the Nigerian currency. Iba Adams stated this in Orile Agege during the 2024 edition of the Odun Aje Festival.

While discussing the devaluation of the Naira, Iba Adams stressed the significance of stopping its ongoing decline and pointed out that certain individuals are obstructing the country’s advancement.

He urged President Tinubu to address any individual or investor who opposes his administration’s initiatives to bolster the local currency.

Additionally, he called on the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, and other financial institutions to take all necessary measures to halt fraudulent transactions and round-tripping between the dollar and the naira in order to safeguard the nation’s economy.

He called on President Tinubu to take action against any person or investor working against his administration’s efforts to strengthen the local currency.

He also urged the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, and other financial institutions to do everything possible to stop fraudulent transactions and round-tripping between the dollar and the naira to protect the nation’s economy.

Adams emphasized that the local currency’s rapid decline, with the dollar priced at N1650 as of Tuesday, is mainly a result of the unlawful actions of saboteurs.

He restated the pressing requirement to fortify the naira and put a stop to its daily decrease.

Iba said: “Today the naira is sold at N1650 to a dollar. It is a fact that the naira is weakened by the illegal businesses of the saboteurs. There is an urgent need for us to strengthen the naira from daily free fail. Now is the time for the Federal Government to go after those who are bent on sabotaging the efforts of this administration.

“I will appeal to the President, the Central Bank Governor, as well as all government financial institutions to go after any individual or investor that is working against the Federal Government’s resolve to strengthen the naira.

“The fraudulent transaction of dollar to naira and round-tripping must be stopped to save our economy. The Nigerian economy is in serious trouble, and there is an urgent need for a better approach to save the naira.”

In addition, Iba Adams expressed concern that Nigeria’s currency’s weakness was causing the country to lose respect in the global community. He pointed out that, by global standards, a country’s currency strength influences the respect it receives from others.

“As our naira continues to fall, there is no doubt that Nigeria will be at the mercy of other countries that have strong value for their currencies. Even global investors would not take a country with a weak currency seriously economically.

“Let me say also that a weak currency will always affect local production. Especially, in a situation where most of the materials needed for the production of the local products are not made in Nigeria. A weak currency will certainly affect the economy. The cost of living will surely be high and the inflation will continue to bite harder and harder.

“Weak currency will also promote corruption and further sink the country deeper. Therefore, I am appealing to President Bola Tinubu to make sure that the naira bounces back and regains its strength against the dollar and other global currencies.

“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. The government should be ready to go after the saboteurs. It is an irony of fate to say that the Nigerian currency today is now 50 percent weaker and below the Cefars.

“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.

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