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Naira appreciation: FG urged to sustain clampdown on currency speculators

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Naira appreciation: FG urged to sustain clampdown on currency speculators

A university lecturer, Dr AbdulAzeez AbdulRaheem, has charged the Federal Government to sustain its clampdown on currency speculators to further strengthen the naira.

AbdulRaheem ,lecturer at the Department of Finance, University of Ilorin ,gave the charge while speaking at the 10th Ramadan Lecture of Anwarul-Islam College ,Agege Old Students Association (ACAOSA) on Saturday in Lagos.

The News Agency of Nigeria(NAN)reports that the lecture had the theme:”Economic Insecurity in Nigeria: Islamic solutions”

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NAN reports that the Central Bank of Nigeria(CBN),together with anti-graft agencies ,has come hard on illegal Bureaux de Change operators in recent weeks as part of measures to discourage currency speculation.

Also, Binance , a global cryptocurrency company,is currently under probe in the country over activities relating to currency speculation and manipulation.

AbdulRaheem ,who was guest speaker, said instruments of the state must be deployed continually to deal with speculators as their activities harm the local currency.

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The lecturer said achieving a strong local currency required a combination of policies and actions.

He said the recent gains of the naira against the dollars was a great booster for the economy ,but warned that the gains could be eroded if government was not consistent with its policies.

“We have what we call priority exchange, if you are to look at the Purchasing, Power Parity (PPP) pricing system of exchange of naira to the dollar, dollar should not be more than N500 to a dollar.

“We should not celebrate the gains of the naira against the dollar now, we may have to if the gains are sustained and policies are consistent.

“We may even go beyond N2,000 to one dollar if the government fails to sustain the gains by doing the right things.

“I hope that the government will do all that is necessary ,using monetary policy, physical policy and legal system,to strengthen the naira”,he said.

On President Bola Tinubu’s call on citizens to buy made-in -Nigeria goods in order to strengthen the naira , the don described the call as apt.

He ,however,said affordability and availability were key to patronage of made-in -Nigeria goods and services

“What the president said is achievable, but where are the made in Nigeria goods?

“If we have made -in -Nigeria goods, made by materials imported from abroad, which include imported levy ,and these goods are not cheap compared to the imported ones, how do people buy them? “,he said.

The don also urged President Bola Tinubu to ensure accountability in all levels of government, the civil service, executive and judiciary and also ensure that there’s consequences for every action,to improve governance.

Speaking ,Alhaji Abdulfatai Afolabi, President- General, ACAOSA, urged Muslims to continue to forge ahead with renewed determination and unwavering faith in the country, in spite of the current challenges.

He said that ACAOSA was committed, and would continue to strive hard in the cause of Islam through programmes like Ramadan lecture, to impact the society positively .

“Together, we shall strive relentlessly to elevate our alma mater and uplift the lives of our community members,” he said.

He commended old students for support towards the refurbishing of the school hall, adding 13 air conditioners had already been pledged .

Afolabi ,launching the Endowment Fund of the association ,donated N5 million to ACAOSA.

The Chairman of 2024 Ramadan Planning Committee, Alhaji Abubakr Adenle, described the lecture as “not just an event ,but a journey of growth and shared success.”

Highlighting the achievement of previous lectures, Adenle commended all donors for their contributions to develop the school infrastructure.

“A decade ago, the seed of our annual Ramadan lecture was planted and today, it has flourished into a magnificent tree, symbolising the strength and unity of our association,” he said.

Alhaja Bolanle Ottun, Director of Dietetics, Lagos University Teaching Hospital Idi-Araba, Lagos urged Muslim faithful to eat in moderation while breaking their fast.

Ottun advised them to drink a lot of water to prevent constipation and kidney problems while fasting.

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