FG Urges Nigerians To Export More, Be More Creative In The Face of Biting Dollar Scarcity
Friday night, the Federal Government of Nigeria called on Nigerians to be more creative in the face of the rising dollar scarcity.
The Presidency urged more creativity in the face of economic recession to attract more foreign exchange as a way to end the Dollar scarcity in the country.
The government also called for improved peace and tranquility in the Niger Delta region to boost the oil production.
This they said, would in turn generate more returns in form of foreign exchange earnings for the country.
Mallam Garba Shehu, Senior Special Assistant to the President on Media and Publicity, made this known on “Politics Today”, a Programme on Channels Television.
Dollar Scarcity; FG Says Export More, Be More Creative
He spoke against the backdrop of a protest by some Nigerians in Abuja on Friday who called for immediate action to curb the Naira-Dollar disparity.
Shehu said that the situation would have been worse than it presently is, if not for some measures already taken by the government.
Apparently, the Naira currently exchanges at its lowest value in recent times, trading the US Dollar at N500 per Dollar.
The Special Assistant said:
“Unfortunately, I am not an expert in these matters but to my layman’s understanding, we have a Dollar crisis.
“Dollar inflow into Nigeria is short. Whatever that is short in terms of supply creates demand in high proportions.
“It would have been worse if the government has not taken quite a number of measures.
“Including the restriction of our scares foreign exchanges to sectors that are very critical, that create jobs, that generate income to the country.
“The Central Bank of Nigeria, CBN had already dismissed those protests.
“In a system, no matter how rotten it is, it produces beneficiaries.
“People are happy with the old order, where people will go, take US Dollar from the CBN, and go to the Bureau De Change.
“Now, CBN doesn’t sell Dollars. It is the commercial banks that sell.
“What I think needs to be done is that beyond the government, all of us as Nigerians have a responsibility.
“What do we do? Let us be more creative, try to export more, try to produce local goods that sell abroad, so that more Dollars would come.
“Let us continue to stabilize the ongoing situation in the Niger Delta so that earnings from the oil sector are not disrupted.
“When we have more Dollars coming in, they will sell cheaper.”