Cut Down Excessive Demands On Foreign Products, Experts Urges Nigeria

An economist has commended the EFCC for the recent move to clamp down on establishment that demand payment in dollars from local customers. A lecturer of economist at the University of Port Harcourt Dr. Peter Medee in an interview with our reporter said the move is a sign of the government commitment in tackling exchange rate challenges. Adding that despite the EFCC delayed response, it is better late than never as the country needs stronger Institution to address it’s lingering challenges.

Dr. Peter Medee opined that, this effort will be able to resolve and restore sanity in the foreign exchange market by reducing the unnecessary, unethical and pressure that is on the naira. He therefore urge them not to relent in going after these people and by the time that is achieved and they revert to using naira to pay, then, that means they have succeeded in cutting the demand for foreign exchange, and the available dollar that is in Nigeria will be enough to be used to import either raw material and finished goods and services.

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The lecturer of economics Dr. Peter Medee also called on Nigerians to support the government efforts by reducing their excessive demand for foreign product. He said Nigerians should realise that for every time they buy foreign goods, they are sacrificing the naira. He therefore urge Nigerians to see it as a commitment to be patriotic enough to decide not to buy toothpick produced by another country but buy the local one we produce in Nigeria.

In the mean time, a financial expert Kenneth Okara says the current move by the EFCC will make the naira gain enough stability. He highlighted that the instability of the naira compelled many businessess to prefer selling in foreign currencies as a precautionary measure. Kenneth Okara observed that the significant number of businesses strategically tried to mitigate loses by selling against inflation. He however advise the government to have a stable rate.

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By Nzeuzor Jane, Port Harcourt