Consider IMF Advice To Avoid ERGP Distortions

A don, Dr Michael Akur, has called on the Federal Government to consider the advice of the IMF on the nation’s currency to avoid distortions of its Economic Recovery and Growth Plan
Akur, who lectures Economic Statistics at the University of Jos, gave the advice while speaking with newsmen on Friday
He said that the advice of IMF was good enough to ponder over to avoid disorderly exchange rate movements.
Recall that Gene Leon, the IMF Mission Chief to Nigeria, said Nigeria’s currency was over-valued by between 10 to 20 per cent.
IMF said in a report that government should introduce immediate changes to its exchange rate policy.
Leon said the current policy was characterised by central bank “curbs”, multiple exchange rates and an artificially high naira valuation.
Akur said the nation should be concerned about any forecast by IMF because of Nigeria’s long relationship with the global body.
He said that higher productivity in the country would shore up the nation’s currency to gain some value.
“If Nigerians stop buying what is imported and patronize local commodities, be it education and all sorts of consumables, the currency will gain a value beyond the expected.
“There should be need to look inward and reduce the purchase of foreign currencies for business and personal travels to stop the unnecessary pressure on the naira,” he said.
He urged the Federal Government to have the political will to implement policies that would check factors militating against the country’s development.
Akor said that government must be forthright and “people-driven”to ensure it executed the plans as the election year drew nearer.
He said the recovery plan was a brilliant initiative that would pull the economy out of recession.