Naira vs Dollar: Ex-YOWICAN President praises Tinubu, says Nigerian economy is bouncing back


Naira vs Dollar: Ex-YOWICAN President praises Tinubu, says Nigerian economy is bouncing back

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A former Youth President of the Christian Association of Nigeria (YOWICAN), Engr. Daniel Kadzai, has lauded President Bola Tinubu as Naira continues to appreciate, gaining grounds against the dollar.

Kadzai said the rising of naira will be sustainable adding that Tinubu and the Central Bank Governor, Olayemi Cardoso, are applying the best economic principles.

The Scribe-Man who spoke to our correspondent in a telephone conversation on Thursday, urged Nigerians to appreciate the Tinubu for being able to gradually stabilize the economy having inherited a failed country from his predecessor.

“This administration is not the cause of the fall in the Naira, but Nigerians blamed Tinubu for it. Now that the Naira is rising, Nigerians should celebrate the President rather than continue to criticize him”, he said.
Kadzai, who is currently the National Youth leader Congress of Northern Nigeria Christians (CNNC), also believes that better days are ahead for the country’s currency.

This week naira closed trading at N1,250/dollar at the parallel market and N1,375 at the official Nigerian Autonomous Foreign Exchange Market, according to data compiled from the FMDQ Securities Exchange.

Although the country’s currency had fallen sharply against major currencies in recent months, Kadzai, however, said the appreciation of the Naira is sustainable.

“The truth is that it is sustainable as long as you do a number of things, so long as the recent appreciation of the local currency is sustainable.

“One is that the interest rate has been increased therefore the propensity to save has increased and the propensity to consume has actually reduced. People are consuming less and saving more if they are saving.

“The government itself is consuming less and saving more. You heard that there is a ban on travel,” the Christian leader added.

He advised the government to as much as possible reduce wastage and fight corruption if the current economic success is maintained.
“At the same time, there is a lot of waste in government, there is a lot of leakages in government and mismanagement of things.

“I pray that the President will fishout those sabotaging his government and bring them to book”, Kadzai said.