Naira depreciation: Tough time await Nigerians – Gani Adams

 

By Lukman Olabiyi, Lagos

The Aare Onakakanfo of Yorubaland, Iba Gani Adams, has declared that the depreciation of the naira among global currencies is an indication that Nigeria’s economy needs urgent attention, warning that Nigerians could be in for a very tough time by 2022

Adams made the declaration at the second edition of the Odo Erelu Festival held at Meiran, Lagos State.

He lamented the daily depreciation of the naira, saying ‘If President Muhammadu Buhari fails to save the economy from collapsing before December, this year, God forbids, we should be ready for a very tough time by 2022.’

Speaking further, Adams said: ‘Nigeria economy is obviously in a terrible condition. The naira is falling day by day. For instance, the British pound sterling is 700 at the moment to our naira, while the dollar is put at 578 and Euro is currently 656 at the official rate

‘Our naira continues to fall to the global currencies. And this has affected the exchange rates in the global market. The economy is obviously not stable. Prices of essential food, and commodities are on the high side.

‘A bag of rice produced here in Nigeria is put at twenty-five thousand naira (25,000) presently.
Gari, which is also a very important commodity for the low-income earner is no longer affordable to the people.

‘Today in Nigeria, nothing is free because everything has been monetised. And corruption has taken its toll on the entire system.

‘Meanwhile, inflation and the current economic downturn has triggered the growing spate of insecurity across the country.’

He added: ‘In Europe, the middle and the lower class enjoy their lives to the fullest with several benefits.

‘But in Nigeria, the middle class could hardly survive the harsh economic crisis. While the lower class are languishing in poverty.

‘We don’t need a prophet to tell us that by 2022, the naira might still slip further. Even beyond what we can salvage because prices of commodities have gone beyond our reach.

‘However, I believe the approach to salvage the naira and the Nigerian economy from imminent collapse is beyond rhetorics. It is very urgent and very urgent indeed.’