Tinubu also said it was imperative to take the decisive actions he took in the early days of his administration
By Kehinde Okeowo
President Bola Ahmed Tinubu has explained why he decided to unify the official and parallel market rates instead of continuing with the existing multiple foreign exchange system.
He made this known during a civic reception organised in his honour by the Lagos state government at the Lagos House, Marina, on Thursday, where he said the policy was to save the country from financial hemorrhage.
The Central Bank of Nigeria had on June 14, announced the unification of all segments of the forex exchange (FX) market.
The apex bank’s new policy followed a declaration by Tinubu that the “monetary policy needs thorough house cleaning” and that “The Central Bank must work towards a unified exchange rate”.
Tinubu, while justifying his position in a statement made available by his Special Adviser on Special Duties, Communications, and Strategy, Dele Alake, said just like the fuel subsidy removal, unifying the forex was in the nation’s best interest.
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The president went on to say it was important to take those decisive actions in the early days of his administration.
He said: “I could afford to share the benefit by participating in the arbitrage, but God forbid! That’s not why you voted for me,”
“We need to take the steps to stop the bleeding of our finances through speedy action on fuel subsidy. We have no choice,” he added.
Tinubu further said as a way of ensuring good use of available resources, his government will effectively control and manage these resources to meet the yearnings of the people.
He also solicited the support of governors present at the event to work with him in ensuring the even development of the country.
“We will work together with an open-door policy. We will bring Nigeria from the brink to a resilient economy. I want us to be partners so that we can rescue our land and make it a born-again nation,” the president also said.