On the redesigning of the Naira, Clark urged the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to put short-term plans in place to mitigate any negative effects.
By Jeffrey Agbo
Elder statesman Edwin Clark has expressed concern over the high exchange rate which has seen the prices of goods and services skyrocket.
Speaking with the News Agency of Nigeria (NAN) in Abuja on Thursday, the 95-year-old said Nigerians are finding it difficult to afford basic amenities.
On the redesigning of the Naira, Clark urged the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to put short-term plans in place to mitigate any negative effects.
He said the rise in the exchange rate was one of the likely effects of the plan, adding that there were reports that the exchange rate had hit a record high partly due to the announcement.
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“On the redesigning of the Naira, I am not a financial expert to say whether the decision was right or wrong but reports have it that the exchange rate further increased the moment the announcement was made.
“The advice I will give on this is that the CBN governor and other relevant stakeholders should come up with a short-term measure that will mitigate the effect of this development,” said Clark.
The nonagenarian added, “Something urgent has to be done to prevent the Naira from falling beyond what it is today.
“As we speak today, the rising cost of food is worrisome and something has to be done to stabilise the situation.”
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