Former president of the Nigeria Bar Association (NBA) and human rights campaigner Chief Olisa Agbakoba has praised the Federal Government for allegedly floating the naira after so many years of maintaining a rigid peg that hurt investors and sapped the economy of money.
A market rate based on a willing buyer and a willing seller is currently being given by banks, who sent emails to certain customers Wednesday morning announcing the move, according to reports that Nigeria has officially floated its naira currency.
The news caused some apprehensions among Nigerians given that it could lead to higher exchange rate from banks, even as we gathered that exchange rate could go as high as between N800 and N1000 by the end of today, according to some bankers, who said the CBN’s next move should be to prioritise supply of dollars to support the naira float.
Speaking to our correspondent, the rights activist and lawyer said this is one piece of good news that would be classified as a good one for him in the last sixty years.
He said much as it could engender higher exchange rate, it was good since the foreign exchange market has become another source of corruption among the few players.
He said: “This is one piece of news that I will say is the best I have heard in the last sixty years. I am hearing it from you and if it is true, I have to commend Tinubu on this. He has shown that he is in charge.
“With these two policies of fuel subsidy and forex market, Tinubu has done very well in the short period he has been the president.
“What is forex market, it is artificial control of the foreign exchange whereby few people manipulate the system to the detriment of the poor and the majority.
“What is fuel subsidy? It is the manipulation of the petroleum subsidy regime whereby few people enrich themselves corruptly in the name of importation of fuel. There is no way Nigerians are consuming 60 million liters of petrol daily but because they are corruptly enriching themselves, they sell what they quoted in other countries.
“But firstly I want the government to fully explain to Nigerians the corruption in the foreign exchange market and the same in the fuel subsidy regime so that they would know why the two have to go and why they should ensure the pain for a while,” he said.
Meanwhile, reminded that the naira float could cause some hardship in the country, he said it was very imperative despite the initial pain.
“Are you saying that we cannot for example bear the pain of say five to six months instead of few people corruptly feeding fat on our commonwealth? I think this is the best news I have heard in the last 60 years,” he said.
