Business
Don Tasks FG On Value Of The Naira

A senior lecturer in
Economics at the University of Port Harcourt, Professor Okey Onachukwu, has called on the Federal Government to strengthen the value of naira by encouraging local production in the country.
He said that the value of naira is being weakened everyday due to a very low demand of it at the international market.
Professor Onachukwu, who disclosed this to newsmen, on Tuesday, during an interaction in Port Harcourt, noted that there is a very high demand in dollars at the market as against that of the naira.
According to him, the trend in all indication will not be good for the Nigeria’s economy, because the reason for the high demand of dollar is because people want to import goods from other countries that have produced.
“We are not adding value to our product, even what we have in abundance in this country, but that some products are being processor and sent back to us to buy”, he said.
He stressed that as a solution to the problem, the lecturer who is also the Dean of Faculty of Social Science of the institution said that government should encourage the local production of goods in the country, so that the country can export.
He urged the Federal Government to do everything possible to ensure that our crude oil is refined locally so as to reduce demand for foreign exchange.
According to him, there is high level demand for dollas because of the importation of petrol, and that this will continue to weaken the value of naira because we are not producing, but only importing from other countries.
Corlins Walter