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Gov Sule ‘Shocked’ By Naira’s Fall Against Dollar

Governor Abdullahi Sule of Nasarawa State says he is worried about the naira's fall against the dollars. 


A file photo of Nasarawa State Governor, Abdullahi Sule.
A file photo of Nasarawa State Governor, Abdullahi Sule.

 

Governor Abdullahi Sule of Nasarawa State says he is worried about the naira’s fall against the dollar. 

Though concerned over the development, he hopes that the situation will be reversed soonest.

“I am extremely worried,” he said on Wednesday during an interview on Channels Television’s Politics Today, adding that the move to redesign the naira might have further worsened the situation.

“But again, it takes you back really to understand, ‘Does it worry me?’ Of course, it worries me very badly. Because is that making it a little easier on the part of the common man? No. The common man is actually going through the heat during this period.

“In fact, when I saw it yesterday, I was shocked to see the naira going all the way to N818 for a dollar.”

READ ALSO: CBN’s Naira Redesign Plan Purely Political, Has No Basis In Economics – Obaseki

He, however, reiterated that the Central Bank of Nigeria’s (CBN) plan to redesign the naira must have spiked the rush for the dollar and the subsequent fall of the nation’s currency.

The governor’s comment came hours after his Edo State counterpart Godwin Obaseki faulted the CBN’s move, claiming it was politically motivated.

“They say we should all bring our naira and give it to them because they want to change it for us. Is that our priority now? How does changing of currency reduce the price of food in the market? They say they want to change our currency and dollars are going higher every day. We can’t even see dollars again,” the governor said at the inauguration of the Edo State Peoples Democratic Party (PDP) Women Campaign Council in Benin City, the Edo State capital.

“I am an economist and I can tell you categorically that this policy by the CBN and Federal Government has no basis in economics. There is no reason to do this; this is purely political.”