Chief Charles Udeogaranya, a former presidential aspirant of the All Progressives Congress (APC), has voiced strong objections to the Central Bank of Nigeria’s (CBN) recent foreign exchange (FOREX) policy. This critique follows an interview with CBN Governor Mr. Olayemi Cardoso, who defended the floating of the Naira.
Udeogaranya argues that the floating of the Naira effectively aligns the official exchange rate with that of the parallel market, commonly referred to as the black market. While he acknowledges that this policy could reduce instances of round-tripping, he warns that it may also impose severe repercussions on the Nigerian economy, which he metaphorically describes as a “death sentence.” He emphasized that the demand for foreign currency will likely continue to exceed supply, especially given Nigeria’s heavy reliance on imports and limited local production.
He raised concerns about Nigeria’s competitiveness in the global market, stating that the average Nigerian worker’s salary is inadequate to purchase basic goods priced in foreign currencies. He cited Switzerland as an example, noting that the price of 1 kilogram of chicken fillet is approximately $29.25, which would be unattainable for most Nigerians under the current exchange rate.
Udeogaranya urged the CBN to reconsider its approach to the floating policy, suggesting that the Naira should not trade above ₦600 to a dollar. He expressed his willingness to assist the CBN in developing more pragmatic strategies aimed at revitalizing the Nigerian economy in the near future. He concluded by reiterating his readiness to collaborate with the CBN and the government in crafting sustainable economic policies, provided they are open to engaging with him
