Gbenga Olawepo-Hashim, a former presidential candidate and a member of the All Progressive Congress (APC), has called on the Federal Government to abandon the free float of the Naira against other currencies.
Olawepo-Hashim suggested reverting to the traditional managed float, emphasizing the need to allocate Nigeria’s forex and domestic resources for the nation’s economic and national priorities.
In a press statement from his media office, Olawepo-Hashim expressed concern about the rapid depreciation of the nation’s currency, reaching approximately N1900 to one United States Dollar.
He argued that managing Nigeria’s foreign exchange regime based on the expectation that the market would correct itself is delusional, especially when various criminal gangs influence the market.
Olawepo-Hashim also criticized the involvement of banks and their chief executives in foreign exchange speculation, alleging that some banks warehouse large volumes of foreign currencies to trade at higher rates.
He called for real central bankers to take control of the Central Bank instead of commercial bankers and fringe elements who have managed monetary policies in the past two decades.
Highlighting the economic consequences, Olawepo-Hashim argued that the free fall of the Naira, coupled with the removal of subsidies on petroleum products, could erode fiscal gains, necessitating further rounds of subsidies and removals, which the economy, currently experiencing 32% inflation, cannot absorb.
He stressed that stabilizing the economy and curbing volatility is crucial for attracting investors, both local and foreign.
He further urged the adoption of “Common sense Economics” to address the challenges and promote economic stability.
