Edwin Clark, convener of the Pan Niger Delta Forum (PANDEF),
says the Central Bank of Nigeria (CBN) should come up with measures to mitigate
naira depreciation while redesigning the currency notes.
The CBN recently announced the plan to redesign the naira to
control money supply and aid security agencies in tackling illicit financial
flow.
The apex bank aims to redesign the N200, N500 and N1000
notes — with circulation expected to begin mid-December.
Speaking in an interview with NAN, Clark urged Godwin
Emefiele, governor of CBN, to put short-term plans in place to curb the
negative effects on the naira during the redesigning process.
He said the rise in the exchange rate is one of the likely
effects.
At the start of trading on Thursday, the naira traded
between N800 and N810 per dollar at the parallel market in parts of the
country.
“On the redesigning of the naira, I am not a financial
expert to say whether the decision was right or wrong but reports have it that
the exchange rate further increased the moment the announcement was made,”
Clark said.
“The advice I will give on this is that the CBN governor and
other relevant stakeholders should come up with a short-term measure that will
mitigate the effect of this development.
“Something urgent has to be done to prevent the naira from
falling beyond what it is today.
“As we speak today, the rising cost of food is worrisome and
something has to be done to stabilise the situation.”
Speaking on brain drain, Clark expressed concern over
reports on the growing number of Nigerians, especially youths, relocating to
other countries.
The Ijaw leader said the trend is resulting in increased
brain drain, describing it as “very bad’’.
Clark, therefore, urged the government to put necessary
measures in place to create a conducive environment to encourage youths to work
in Nigeria and contribute to the country’s growth.
He also asked the government to do more to secure the lives
and property of Nigerians.
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