Market News

By Luminous Jannamike, Abuja

A former member of the House of Representatives, Robinson Uwak, has issued a stern call to the Central Bank of Nigeria (CBN) and all relevant institutions, urging them to take immediate action to halt the ongoing slide of the country’s currency, the naira.

The plea came as a result of the significant negative impact that the depreciating naira has had on the Nigerian economy, especially on the prices of essential goods and services.

Uwak, a successful businessman and former representative for Oron, Mbo, Okobo, Ure-Offong/Okobo, and Udung-Uko Federal Constituency of Akwa Ibom State, expressed his concern over the recent depreciation of the naira against the dollar, which has had detrimental effects on the nation’s economy.

The Nigerian currency, in recent days, has been trading between N780 and N1,000 against the dollar in certain quarters.

This alarming decline has fueled inflation in consumer goods that rely on foreign currencies for trade. Nigeria, being an import-oriented economy heavily dependent on the mono product of oil, has suffered the consequences of this currency devaluation.

In a statement over the weekend, Uwak emphasized the urgency of the situation, stating, “It is time to stop the slide of our currency.”

He called upon the Federal Government and the CBN, along with other relevant institutions, to take immediate and decisive action to address this critical issue.

Uwak explained that necessary confidence building measures to restore the billions of dollars in the country’s foreign reserve, import substitution and currency control would help firm up the value of the naira in the short to medium term while more expansive, long term economic plan should be devised.

“The dollarisation of domestic spending and huge wastes in governance must be curbed, and we must build a national consensus on the way forward for our future economic system,” he said.

Uwak’s concerns are echoed by many Nigerians who have experienced the direct consequences of the currency slide.

As the value of the naira continues to plummet, the prices of imported goods, including food, medical supplies, and machinery, have skyrocketed.

This has put an immense strain on the average Nigerian’s purchasing power and has led to a marked increase in the cost of living.