Governor Fayose Urges The Presidency To Devalue The Naira

Gov. Fayose

Ekiti State Governor, Mr Ayodele Fayose has called for the devaluation of the naira following the continued fall in the value of the nation’s currency in the parallel market.

He said with the gap between the official rate of N199 and open market rate of over N400 to one dollar, the naira has already been devalued adding that President Mohammadu Buhari should stop deceiving himself and short-changing Nigerians, especially states and councils with his forex policy.

Fayose, noted that there was no time in the history of Nigeria that the gap between dollar official rate and open market rate was more than N200, stressing that it made no economic sense for the Federal Government to be calculating the country’s revenue on the basis of the Central Bank of Nigeria (CBN) official rate of N199 to a dollar while states and councils that are sharing the revenue with it run their businesses at the open market rate of over N400 to one dollar.


In a statement by his Special Assistant on Public Communications and New Media, Lere Olayinka, on Sunday, the governor urged the President to pay more attention to the ailing economy of the country instead of junketing around the world.
exchange arbitrage, Nigerians are also being duped while middle class Nigerians, the main people that are being decimated.

The governor said President Buhari was applying his 1984 failed economic policy in which prices of goods were fixed not minding the cost of supply, such that essential commodities like milk and sugar became scarce and Nigerians were made to line up in the sun to buy rationed commodities.

wasting $1 million per foreign trip, saying; “President Buhari has travelled to 24 countries in eight months, and will be spending 16 out of the 29 days in February outside the country, with over $500,000 being spent on estacode while the Presidential Air Fleet, which includes fuelling of the planes and allowances for crew members is said to be in the range of $500,000.”

“The President’s entourage obviously collects their travel allowances in dollars on official rate of N199 and come back to Nigeria to change it at the open market rate of N400. That must be the reason they encourage the President to be junketing abroad when life is becoming unbearable for Nigerians”, he said
egime of deceit must stop.”