Economist Wants CBN To Strengthen Naira

A Port Harcourt based
economist, Mr Cletus Uba, has called on the Central Bank of Nigeria (CBN) to take steps towards the strengthening of the naira.
Mr Uba who spoke to our correspondent recently said the proposed change from polymer to paper currency notes was not the solution to the weakness of the naira note.
He said what the Apex bank needed to do was the strengthening of the naira to enable it compete favourably with other international currencies.
“The purchasing power of the naira is too weak today, the Ghanian cedi is higher than the naira.
“The CBN should do something about it,” he said.
According to him, changing the naira note from polymer to paper and vice-versa was not capable of improving the purchasing power of the naira.
He further called on the CBN to introduce policies and measures that would benefit the ordinary people and usher in economic boom.
In addition, he said the CBN should rather use the money it intended to expend in changing from polymer to paper into measures that could redeem the value of the naira.
While expressing confidence in the ability of the leadership of the CBN leadership to restructure the naira, Mr Uba said Nigeria should not allow its currency which was once one of the strongest currencies in the world, to become a paper money.