20th April, 2024
PRESS RELEASE:
NAIRA RECOVERY: TINUBU, CARDOSO DESERVE KUDOS – MURIC
Nigerians have been asked to appreciate the efforts and achievements of the governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso in the steady rise of the naira in the past few weeks. Making the call at the weekend was the Muslim Rights Concern (MURIC), an Islamic human rights organization.
In a statement issued by the Founder and Executive Director of the organization, Professor Ishaq Akintola, on Saturday, 20th April, 2024 the group extolled the speed at which the naira is recovering as well as the bandwagon effect on prices of some products which have started falling.
The group said:
“The fear of Nigerians over the plight of the naira now appears to be melting with the recent steady rise of the Nigerian currency which began nosediving eleven months ago. The fall of the naira began even before the inauguration of President Bola Ahmed Tinubu in May 2023 when it exchanged for N465.07 to $1 compared to the exchange rate of N411.935 in January 2022.
“The naira plummeted to N1,524 to $1 in the early days of February 2024 (https://apnews.com/article/nigeria-currency-economy-naira-tinubu-cbn-49f5686d9638e9db2ac42ae3cecd2f24). It suffered its lowest exchange rate when it fell to N1,830 to $1 at the black market on 21st February, 2024 (https://nairametrics.com/2024/02/21/naira-hits-record-low-of-n1830-1-at-the-black-market/). This development threw Nigerians into a wild panic and some unpatriotic elements started predicting that the naira would reach N2,000 to $1.
“The free fall of the naira created tension around the country and the attendant rise in prices put many in the panic mode. Prices of all products skyrocketed and life became meaningless and unbearable particularly for the hoi polloi. It was so bad that a bag of rice was sold as high as N80,000 in some areas while the price of cement hit the roof.
“However, the Central Bank of Nigeria (CBN) through its new governor, Mr. Olayemi Cardoso, proved his competence when he applied necessary fiscal measures that forced the dollar to retreat while naira began to rise steadily. Consequently the official buying rate of the CBN fell to N1,160.131 while selling was N1,161.131 as at Thursday, 18th April, 2024 (https://www.cbn.gov.ng/rates/exchratebycurrency.asp?beginrec=1701&endrec=1800¤cytype=).
“This feat is already ricocheting in the prices of goods around the country. Gas dealers have crashed its price from N1,500 to N1,100 per kilogram (https://www.legit.ng/business-economy/energy/1588222-dealers-crash-cooking-gas-price-n1100-kg-stronger-naira-pushes-costs/). A 50-kilo bag of rice which costs N84,000 in February now goes for N68,000, a decrease of 19% (https://newsrainng.com/2024/04/17/price-of-rice-reduced-by-19check-rice-price-here/).
“Even cement that was selling between N15,000 and N12,000 four months ago fell to between N7,000 and N7,500 (https://www.legit.ng/business-economy/industry/1588037-n12k-bag-survey-shows-dangote-bua-crash-cement-prices-low/#google_vignette).
“It is our candid opinion that those who lay strong emphasis on good governance should equally demand and practice good citizenry. The latter involves readiness to commend performing leaders with the same alacrity employed when criticizing them for inadequacies.
“Unfortunately the reverse is the case in Nigeria, thus turning leaders at times to unappreciated species. If there is a time to pour out a tornado of criticisms, there must be a time to churn out a plethora of commendations. That is objectivity. This is because leaders are also homo sapiens and blood flows in their veins. Criticism dampens their appetite for service while praises inspire them to do more.
“It is in this vein that MURIC finds it mandatory to commend the efforts of President Bola Ahmed Tinubu for leading the naira out of the woods within such a short period. In the same manner, Mr. Cardoso, the CBN governor, deserves our encomiums for performing this feat.
“We are not unaware that Nigeria is not there yet but our appreciation could turn out to be that vital shot in the arm which these leaders need to catapult the country to the El-Dorado that we all crave.
“We therefore advise Nigerians to be more positive in the profiling of their country. Nigeria is a great country and its citizens should not attempt to pull it down. The cleaner our reputation the better the chances of our citizens outside the country. Greece, Brazil and Argentina are yet to recover from the global depression of 2016.
“Nigeria’s economy is the concern of the Muslim Rights Concern because whatever affects Nigerians has affected the largest concentration of Muslim population in the whole of Africa. The right to decent living is one of the Allah-given fundamental human rights of every Muslim. MURIC cannot afford to ignore the welfare of more than 150 million Muslims. To make Nigeria trully great, politically stable and economically buoyant is therefore the concern of the Muslim Rights Concern.”
#NairaRecovery
#KudosTinubu
#KudosCardoso
Professor Ishaq Akintola,
Executive Director,
Muslim Rights Concern (MURIC).
