Markets

‘Market forces should not be used to determine exchange rate of naira’

by UDOKA AGWU, UMUAHIA

August 27, 2017 | 11:03 am
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Professor Sebastine Uremadu of Michael Okpara University of Agriculture Umudike, (MOUAU) Abia State has advised the Central Bank of Nigeria (CBN) not to allow the exchange rate of the country’s currency to be determined by market forces despite the prevailing economic realities on ground.

Uremadu, who gave the advice while fielding questions from newsmen in Umuahia on the state of the Nigerian economy, disclosed that he had earlier written a memo to the CBN, alongside Prof. Herbert Ekpo where they recommended that the exchange rate should not be allowed to be fixed by market forces, adding that the strategy was adopted by the apex bank.

On the pro-and anti-Buhari rallies which took place in Abuja, the Varsity don cautioned against anything that could drag the Igbo nation into another civil war.

Uremadu alerted the Igbos of a grand design by the enemies of Igbos to make them spearhead opposition against the administration of President Mahammadu Buhari.

According to him, “It was the same manner the Yorubas began their crisis in Western region in mid-60s which they called ‘wild wild west and operation wetie’ and some military officers led by Major Chukwuma Kaduna Nzeogwu struck, even Awolowo who promised to declare Oduduwa Republic abandoned the plan and became the vice to the Gowon-led government”.

“Even people of the southern minorities also pledged support to the Federal Government, only Akwa Ibom people fought together with Igbos, so I hereby caution those calling for war to refrain from it,” the don said.

“Now Senator Magnus Abe organised some Niger Delta youths on a rally for President Buhari; so I now ask: why should the South west and South-south always push Igbos to war?”

On the recent ASUU strike, the academic observed that the pay package of academic staff was nothing to write home about.

“What the academic staff earns while in service is nowhere close to taking care of them or even when they retired,” he lamented.

He wondered why the members of the National Assembly would earn their salaries and allowances in full but government foot-drags in implementing lecturers’ pay.

On the IPOB agitations and quit notice slammed on Igbos by the Arewa youths (which has been withdrawn), Prof. Uremadu suggested that the Federal Government could still invite Nnamdi Kanu and Northern Youths in a round table dialogue, as a further way of ending cross-ethnic tensions, noting that if a soft-landing strategy is adopted, the aggrieved youths in the country would join in strengthening the unity of Nigeria, while also praising Major Al-Mustapha for his nation-wide youths peace initiative.

 

UDOKA AGWU, UMUAHIA


by UDOKA AGWU, UMUAHIA

August 27, 2017 | 11:03 am
  |     |     |   Start Conversation

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