Former governor of Anambra state and 2023 presidential candidate under the Labour Party, Peter Obi, has taken to social media to discuss the fall in the value of the Naira, as he disclosed one of the many things that led to the fluctuations of the currency against the Dollar.
Recall that a few hours ago, the value of the Naira was reported to have fallen to the rate of 710 Naira per Dollar, as such disclosure raised the concerns of many Nigerians on social media platforms.
However, following such a report, the 2023 presidential flag bearer of the Labour Party, Peter Obi, took to his official Twitter account to disclose what triggered the instability of the Naira against the Dollar. According to Peter Obi, the distortions in the economy, combined with the fiscal policies have triggered instability of the currency.
The former governor further stated that the current exchange rate of the Naira to the Dollar is worrisome, as he advised fiscal managers in the country to come up with a policy line or modality for arresting the value drift and restoring confidence in the national currency.
Peter Obi finally advised the fiscal managers to stop all forms of denominating domestic transactions and contracts in foreign currency.
Here is Peter Obi’s post below
The Fiscal Managers should come up with a policy line or modality for arresting the value drift and restoring confidence in the National currency. Also, denominating domestic transactions and contracts in foreign currency should be stopped forthwith. – PO.