A chieftain of PDP and an engineer, Chief Emeka Charles Kalu, has said that the recent strengthening and appreciation of the Naira against the dollar was achieved as a result of efforts by the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC), which raised its Monetary Policy Rate (MPR) to another 200 base point to help curb instability and reduce the rising inflation.
According to Dr Charles Kalu, President, Eck Foundation, in the Nigerian Foreign Exchange Market, Naira last Tuesday appreciated to N1,300.40 per dollar as against last week’s 1,400.
He said: “This shows that the government is fast putting measures towards curbing the menace of naira losing its value against dollars.”
He said the fact that the government has diversely started taking coordinated steps capable of transforming the nation’s monetary policies is a welcome development.
According to him, in February, the Federal Government announced that it was able to gain $13 billion from Foreign Direct Investment (FDI).
“The commitment of these funds to sustain naira stability could possibly help cushion the effects of instability and skyrocketing inflation.
“The prevailing Forex racketeering encountered in the hands of many firms contributed to the fall of naira in the international market, especially Binance crypto firm whose operations, to an extent, grounded the naira value and escalated the economic crisis.
“A new financial regime capable of regulating and stabilising the monetary policies of the government would serve a better measure for strengthening the economy.
“Financial market stability is all about management, regulation and supervisions.
“So, the measures so far taken by the government are sustainable only if the Central Bank of Nigeria (CBN), as the regulatory body in charge, lives up to expectations.
“The platform is already in force. It is just the ability to make use of the regulatory tools in executing financial policy stability.”
Professor John Ebhomien, a financial expert and former World Bank/International Monetary Bank (IMF) consultant, stated: “The significant appreciation of the Naira in the past few days is commendable. “But, it is not yet uhuru.
The CBN and the Monetary Policy Committee (MPC) must take urgent steps to ensure transparency and accountability in the system.
“There must be adequate monitoring of banks and Bureaux de Change in the disbursement of foreign currency allocations.
“The policy measures taken by the CBN to revoke the licences of over 4,000 Bureaux de Change operators, the increase in the interest rate to 24.75 percent, the sack of 19 directors and other actions taken so far, contributed immensely to the appreciation of the Naira.
“To sustain the appreciation of the Naira and its stability in the economy, there must be deliberate efforts by the monetary and fiscal authorities to ensure low inflation, improve tax collection, and sound fiscal discipline.”
Bishop Dr Herbert Ekechukwu, a cleric and economist, in his response, described the recent appreciation of the Naira as bogus, stressing that it is neither real, nor sustainable.
Bishop Ekechukwu stated: “The Naira appreciation is bogus. The appreciation of naira against the dollar is not real. It is not sustainable. It is a voodoo economic system.
“The appreciation of a country’s currency against other currencies happened under certain economic growth and development indices, which are lacking.
“This a First Aid, fire brigade approach to save the naira against its free fall against the dollar with its attendant spiral run away galloping inflation.
“For a genuine naira appreciation, we must encourage and engage micro, small and medium scale industries to produce more and export more.
“Pressure should be more in exportation than importation. We should eat more home grown foods as against imported foods, discourage medical tourism, reduce foreign trips by public officers and oversea spending by individuals and institutions that do not bring in foreign currencies.
“Government should also promote human capital development with a view to exporting our human capital to earn dollars.
“Chasing and harassing players on the forex market will not solve the problem. All these fire brigade approaches should stop.
“Allowing genuine market forces of demand and supply to interplay in the forex market will bring out naira’s true value.”
INCREASE IN INTEREST RATES
Similarly, Dr. Frank Freds Nwosu, a management expert, has said that the 200% increase of interest rates to 24.75% by the CBN would adversely affect borrowers, especially the Small and Medium Scale Enterprises (SMEs).
Dr Nwosu, Managing Director, Business Innovations WA Ltd. and consultant to several corporate bodies and academic institutions in Nigeria and overseas, who spoke to Sunday Independent from his Aba base, also said the action will also negatively impact on development.
He said: “The CBN has just raised interest rates to 25.75%, an increase of 200% to 24.75%. Now, the question twisting the brains of economic calculators is: How realistic is this decision?
“Everyone is aware that it will affect borrowers, especially the Small and Medium Scale Enterprises. What we cannot fully calculate at present is the degree of its effect on the economic growth of the country.”
He disclosed that in the last 25 years, his firms had managed to get along without loans, even the softest, lamenting that this year, he had envisaged to leverage on government’s oft-touted incentives for small and medium scale enterprises.
“Then, here we come head-on with hope un-renewed. How could you hope to buy raw materials, pay taxes and optimise other factors of production with funds borrowed at such an exorbitant rate?
“The experiment has not been carried out in the intervening years, to the best of my knowledge,” he stated. Dr Nwosu stressed: “Sometimes, some policies thrown at the populace without recourse to public hearings smack of either high-handedness, or deliberate intention to bring certain sectors of the economy to a standstill.
“A whopping 200% increase in interest rates is a glaring and saddening sample. “Located in the South East, my firm procures raw materials from the North West of the country, and markets the finished product in the Southwest states.
“By the time we pay for the three-way haulage, and inject the expensive technology that plugs the pilfering holes Nigerian employees are known for, virtually all the income has been swallowed by the process.
“With borrowed funds, and the banks waiting for their 200% interest, you can be sure that our investors and stakeholders will have nothing to take as profit.
And what do you think will be the result? “Several industries will close shop, oppressed by the horrendous burdens of over-taxation and sour banking relationships.
“When a reasonable percentage of erstwhile company employees lose their legitimate means of subsistence, the obvious reaction will be increased social pressure, thefts and other untoward misdemeanors.”
Dr Victor Mathew, a security expert and cleric, said: “At the MPC meeting, interest rate was raised astronomically, the Central Bank has said the increase is to mop up excess liquidity in the system with a view to stem the galloping inflation.
“As a monetary tool or policy to check inflation in ideal economies, high interest rates work, but our economy is not driven solely by market forces, but by extraneous factors.
“I think the CBN should be more creative and imaginative in deploying its tools because textbook solutions to our economic problems will not fix the challenges.”
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