“Drug Dealers In South America Would Be More Competitive” Oshiomhole Slam Nigeria’s Interest Rate, Task New CBN Governor to Think Outside The Box- Watch Video

“Drug Dealers In South America Would Be More Competitive” Oshiomhole Slam Nigeria’s Interest Rate, Task New CBN Governor to Think Outside The Box- Watch Video

Written By Oshiobugie Omo-Ikirodah

Nigeria’s currency situation is getting dire. As of Tuesday, September 26, the Naira traded at N1,000 against a dollar in the parallel market. This alarming drop comes a few months after the Central Bank of Nigeria (CBN) chose to float the naira, leading to a pound now trading at around N1,200. CONTINUE READING

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During a Senate discussion centered around the screening of CBN governor nominee, Yemi Cardoso, and four other deputy nominees, Senator Adams Oshiomhole voiced strong concerns about the Naira’s decline. He made a passionate call to the federal government, urging direct intervention in stabilizing the nation’s currency.

Senator Oshiomhole emphasized, “The challenge we face today stems from an over-reliance on so-called market forces, hoping for the ‘invisible hand’ theory of Adam Smith to magically regulate and stabilize the value of the naira.”

Drawing attention to historical precedents, Oshiomhole pointed out the aftermath of the devaluation initiated by Babangida, reinforcing the idea that market forces alone have never been successful in stabilizing the Naira. “The state must intervene,” he reiterated. CONTINUE READING

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He also took a moment to shine a spotlight on the challenges facing the manufacturing sector. High-interest rates, as they stand, stifle growth. “With rates hovering around 20 to 25%, how can we expect sectors that require long-term gestation periods for investments, like manufacturing, to thrive?” Oshiomhole remarked, further illustrating his point with a colorful example: “Even drug dealers in Latin America would be more competitive under such conditions.”

Adding a dimension of international scrutiny to the discourse, the senator from Edo North expressed skepticism about the West’s applause for some policies of the Tinubu-led government. “Whenever the West commends our unrestricted market policies, I grow wary,” Oshiomhole stated, emphasizing that Nigeria should not blindly emulate Western financial practices. “We must assess our own unique situation. We don’t need to be carbon copies of Washington or other financial hubs. They act in their own interest. The idea of a universal, beneficial interest is a myth.”

Senator Oshiomhole’s call for a more hands-on approach to economic matters, especially regarding the Naira’s stability, underscores the urgency of the current fiscal challenges. As the debate continues, Nigerians everywhere await proactive measures from the government.

Watch video here: https://x.com/Imranmuhdz/status/1706726153342665096?s=20

Source: Bushradiogist