Ekiti State Governor, Mr Ayodele Fayose has called for the devaluation
\nof the nation\u2019s currency, the Naira, saying; \u201cWith the gap between the
\nofficial rate of N199 and open market rate of over N400 to one dollar,
\nNaira has already been devalued.<\/p>\n
Fayose said President Mohammadu Buhari must stop deceiving himself and
\nshort-changing Nigerians, especially States and Local Councils in the
\ncountry with his Forex Policy.<\/p>\n
Governor Fayose, who said there was no time in the history of Nigeria
\nthat the gap between dollar official rate and open market rate was
\nmore than N200, pointed out that it made no economic sense for the
\nFederal Government to be calculating the country\u2019s revenue on the
\nbasis of the Central Bank of Nigeria (CBN) official rate of N199 to a
\ndollar while States and Local Councils that are sharing the revenue
\nwith the Federal Government run their businesses at the open market
\nrate of over N400 to one dollar, thereby causing business to be
\nfolding up by the day and prices of goods skyrocketing everyday.<\/p>\n
Special Assistant on Public Communications and New Media to the The governor said President Buhari was applying his 1984 failed He urged the President to pay more attention to the ailing economy of \u201cThe President\u2019s entourage obviously collect their travel allowances The governor said; \u201cThe situation is such that Nigeria gets say $2 \u201cIn elementary economics, the implication is that when revenue is \u201cMeanwhile, the three tiers of government pay salaries to workers on \u201cAlso, Nigeria is now faced with a situation whereby funds are \u201cTherefore, the reality that we must all accept is that we must allow \u201cThe Naira must therefore be devalued. Anything other than this will Ekiti State Governor, Mr Ayodele Fayose has called for the devaluation of the nation\u2019s currency, the Naira, saying; \u201cWith the gap between the official rate of N199 and open market…<\/p>\n","protected":false},"author":1,"featured_media":44217,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-46706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n
\ngovernor, Lere Olayinka, in a statement issued in Ado-Ekiti on Sunday<\/span><\/span>,
\nquoted the governor as saying that apart from breeding corruption
\nthrough round tripping or foreign exchange arbitrage, Nigerians are
\nalso being duped and middle class Nigerians, the main people that
\ngrows the country\u2019s economy are being decimated.<\/p>\n
\neconomic policy in which prices of goods were fixed not minding the
\ncost of supply, such that essential commodities like milk and sugar
\nbecame scarce and Nigerians were made to line up in the sun to buy
\nrationed commodities.<\/p>\n
\nthe country instead of junketing around the world, wasting $1 million
\nper foreign trip, saying; \u201cPresident Buhari has travelled to 24
\ncountries in eight months<\/span><\/span>, and will be spending 16 out of the 29 days
\nin February outside the country, with over $500,000 being spent on
\nestacode while the Presidential Air Fleet, which includes fuelling of
\nthe planes and allowances for crew members is said to be in the range
\nof $500,000.<\/p>\n
\nin dollars on official rate of N199 and come back to Nigeria to change
\nit at the open market rate of N400. That must be the reason they
\nencourage the President to be junketing abroad when life is becoming
\nunbearable for Nigerians.\u201d<\/p>\n
\nbillion revenue in a month, calculates the $2 billion revenue on the
\nbasis of the official CBN rate of N199 and share the revenue among the
\nthree tiers of government.<\/p>\n
\ncalculated based on N199 to one dollar and the federal government will
\nbe declaring say revenue of N400 billion to be shared by the three
\ntiers of government, the value of revenue that should have been shared
\nwill be over N800 billion at the open market rate of N400 to one
\ndollar.<\/p>\n
\nthe basis of N199 per dollar while the workers pay for goods and
\nservices which prices are determined by the open market rate of N400
\nto one dollar.<\/p>\n
\nobtained from the official forex market (at lower rates) and diverted
\nto other markets and sold at a higher rate by forex dealing banks and
\nusers, who make billions of naira profit just for doing almost
\nnothing.<\/p>\n
\nthe forces of demand and supply to determine the value of our
\ncurrency, not administrative fiat. Most importantly, the government
\ndoes not have the reserves to keep the naira-dollar rate at its
\nofficial level.<\/p>\n
\nmean that we are deceiving ourselves with forced foreign exchange
\nrates and it is my position that this regime of deceit must stop.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"