Buhari’s Economic Team, Square Pegs In Round Holes – Prof. Ango Abdulahi

Prof Ango Abdullahi is a spokesperson of Northern elders forum. Read here the eminent Professor's  reaction to the present economic predicament facing Nigeria. Prof. spoke to Vanguardngr.com. Here he goes!

Now, talking about the exchange rate, the former CBN governor, Lamido Sanusi recently warned President Buhari to be careful lest he becomes worse than former President Jonathan.

You mean His Royal Highness, the Emir of Kano? Yes. I read his comment in the newspapers and he is absolutely correct. The fact is that all these so-called rich people particularly those who are working in banks are not productive. They are only trading in dollars vis-a-vis the naira. They sit down because of their connections with the banks and get foreign exchange allocated to them and they come to the bureau de change and sell. And if you get $10,000 and come to the bureau de change to sell $10,000, you are getting almost 200 per cent profit. And you get another $10,000 and the same thing happens.

I think so many things are wrong in the system and except the government is willing and puts its foot down and insists that only very essential things can be used with foreign exchange, then , we will never get out of this problem. Does that mean that the problem of naira versus the dollar is caused by Nigerians who buy at a cheap rate and sell at a very high price? Yes and that is the problem. Why should we devalue our currency? I disagree completely with the devaluation of the naira. There is no reason for it. You devalue your currency only when you are competing to sell certain things. Nigeria is not selling anything outside the country. Read More Here @ Vanguardngr.com