Home Top Stories Naira Float Will Slowdown Economic Recovery – Experts

Naira Float Will Slowdown Economic Recovery – Experts


ABUJA, (Sundiata Post) – Economic and Financial experts have warned President Muhammad Buhari against floating the naira, saying the move would crumble the current reform agenda of the government and prolong the economic recovery.
The analysts warned that those pushing for Naira float are only doing so for their personal interest and calling for the fall of the President Buhari’s government.
“If you float the naira, the economy will crumble. It is as simple as that. Let nobody decide you,” one of the experts said stressing that “If we float the naira, Nigeria will take a flight to Zimbabwe via Venezuela. There is no way the government can withstand the stress. The pressure on the government would be too much that it will just crumble. This will create enough fertile ground for the impeachment process of the Buhari led government. I believe those pushing for such economic policy are not friends of the president. They are fifth columnists who want the government to fall,” one of the experts said on condition of anonymity.
On the economic front, another of the source added “ these same people pushing the CBN to float the naira have an agenda. They want the naira to fall to say N1000 to the dollar and they will turn around to buy off every available assets in the country and turn Nigeria to private enterprise. It is unfortunate and Nigerians must resist this move”.
The economic analysts have also attributed the continuous slide of the naira against major foreign currencies to the huge amount of corruption money in circulation in the country and therefore called on the Federal Government to deploy high intelligence strategies to recover such monies from private individuals in the country.
“No economic magic can solve this problem, even the best economic policies in the world will fail under the present realities in Nigeria. No magic banker in the world can restore the naira unless corruption money is curtailed,” the source said adding that “corruption money is the root of the Forex crisis in the country. If you raid the homes of 2000 top Nigerians today, the naira will appreciate overnight. The naira will exchange for less than N200,” one of the sources said.
The source who lamented the craze for ill-gotten wealth in the Nigerian society said “There is hardly any influential person in this country today that does not have money stashed in their homes or private property. Government must adopt a strategy to recover these monies otherwise we won’t be able to achieve anything tangible”.


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