Elder statesman Edwin Clark has urged Godwin Emefiele, governor of the Central Bank of Nigeria, to act quickly to halt the naira's collapse.
On Wednesday, the value of the currency decreased further in the black market, trading for N855 to $1.
The elder statesman underlined that Nigerians are having trouble affording basic necessities and expressed alarm about the high exchange rate, which he claimed had increased the cost of products and services.
Mr. Clark asked Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), to implement short-term preparations to counteract any negative effects of revamping the naira.
“On the redesigning of the naira, I am not a financial expert to say whether the decision was right or wrong, but reports have it that the exchange rate further increased the moment the announcement was made,” Mr Clark noted. “The advice I will give on this is that the CBN governor and other relevant stakeholders should come up with a short-term measure that will mitigate the effect of this development.”
He added, “Something urgent has to be done to prevent the naira from falling beyond what it is today. As we speak today, the rising cost of food is worrisome, and something has to be done to stabilise the situation.”
Mr Clark also expressed concern over reports of the increasing number of Nigerians relocating abroad, particularly youths.
He admitted there was nothing wrong with people travelling or relocating abroad.
According to him, the recent trend where an increasing number of Nigeria’s active youth are emigrating is worrisome.
He said the development was leading to increased brain drain, describing it as “very bad.’’
Mr Clark urged President Muhammadu Buhari’s regime to continue to put necessary measures in place to create a conducive environment to encourage youths to work in Nigeria and contribute to its growth.
(NAN)