Naira-Dollar Exchange: United Nigeria Airlines CEO Proposes Strategies for Sub-N1,000 Rates
The CEO of United Nigeria Airlines, Obiora Okonkwo, has outlined strategies to bring down the naira to dollar exchange rate below N1,000. To achieve this, he proposed several actions for both the Nigerian government and the Central Bank of Nigeria to consider. Currently, the Nigerian currency trades above N1,600 to a dollar in both official and black market foreign exchange platforms.
In an interview with Channels Television’s business morning show, Okonkwo commended the Central Bank of Nigeria for its efforts to stabilize the naira, expressing optimism that it could fall below N1000/$. He acknowledged recent successes and recommended the government’s introspection to identify the root causes of the issue.
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To tackle the dollar surge, Okonkwo emphasized that the federal government should prevent increased federal allocations to states from mopping up foreign exchange, causing a shortage of funds in the market. Additionally, he urged the government to enhance the foreign exchange supply to counter speculators’ influence.
Addressing revenue concerns, Okonkwo proposed expediting the process of taking the NNPC to the stock market, predicting a substantial financial boost between $10 to $20 billion. He applauded the Central Bank of Nigeria for transparently communicating efforts to boost the Nigerian currency’s value and encouraged open feedback to keep the public informed.
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Furthermore, Okonkwo suggested the creation of a special forex window for the aviation industry, stressing its critical role in economic growth. He underscored the importance of addressing the unique needs of sectors like civil aviation, particularly in the face of the dominant use of the dollar.
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