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Naira appreciation: Don urges FG to sustain clampdown on currency speculators

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Naira appreciation: Don urges FG to sustain clampdown on currency speculators

FILE PHOTO: A Bureau De Change operator

Published By: Isa Isawade

By Olayinka/Olawale/ Adeyemi Adeleye

A university lecturer, Dr AbdulAzeez AbdulRaheem, has charged the Federal Government to sustain its clampdown on currency speculators to further strengthen the naira.

AbdulRaheem, a lecturer at the Department of Finance, University of Ilorin gave the charge while speaking at the 10th Ramadan Lecture of Anwarul-Islam College, Agege Old Students Association (ACAOSA) on Saturday in Lagos.

The News Agency of Nigeria (NAN) reports that the lecture had the theme: “Economic Insecurity in Nigeria: Islamic Solutions”.

The Central Bank of Nigeria (CBN) together with anti-graft agencies, has come hard on illegal Bureaux de Change operators in recent weeks as part of measures to discourage currency speculation.

Also, Binance, a global cryptocurrency company, is currently under probe in the country over activities relating to currency speculation and manipulation.

AbdulRaheem, who was the guest speaker, said instruments of the state must be deployed continually to deal with speculators as their activities harm the local currency.

The lecturer said achieving a strong local currency required a combination of policies and actions.

He said the recent gains of the naira against the dollar were a great booster for the economy, but warned that the gains could be eroded if the government was not consistent with its policies.

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