Dr Titus Okunrounmu, a former Director, Budgetary Department of the Central Bank of Nigeria (CBN) has called on the Federal Government to redouble efforts in developing the economy in order to stabilise the nation’s exchange rate.
Okunrounmu made the call on Tuesday while reacting to the fall of the naira amid COVID-19 pandemic in an interview with the News Agency of Nigeria (NAN) in Ota, Ogun.
The naira exchanged for about N387 to a dollar in the foreign exchange market as at Aug. 3.
He said that developing the nation’s economy would reduce heavy dependence on foreign countries.
“The nation can refine its petroleum products to meet local demand and export to other countries.
“This development will generate more revenue for Nigeria and help to stabilise the nation’s currency,” Okunrounmu said.
The former CBN director further said that diversifying the nation’s economy could facilitate the overall development of Nigeria.
He said that Nigeria being able to feed its 200 million population through agriculture would have strong impact on the naira.
Okunrounmu further said that a developed economy would help to create job opportunities for the country’s teeming youth, reduce poverty and crime rate in the country.