Segun Sowunmi, a PDP chieftain and former Atiku Abubakar assistant, has thought back on his appreciation of former President Muhammadu Buhari during a visit, attributing it to clarity in hindsight over Buhari’s choice to restructure the currency. He maintained that the goal of the currency swap was to lessen the amount of money in circulation outside of the banking industry, especially in the hands of unregistered businesses. He made the connection between the rise in the value of the dollar and the greater quantity of money in circulation outside the banking industry. CONTINUE FULL READING>>>>>
He raised concerns about the surge in demand for dollars and questioned whether the country’s import needs have significantly improved to justify the demand for dollars in the Nigerian economy.
He said in an interview with Arise TV, ”When I visited President Muhammadu Buhari, people were asking me why I appreciated him. It is because, with the benefit of hindsight, you can see what he was trying to do. When Buhari changed the currency, we would have reduced the amount of money in rogue hands that are not playing within the banking sector.
The quantum of money that is not playing within the banking sector is the reason for the dollar increase. You have increased subsidy and that means you are getting more money. That means you are giving more money to state and local governments, have you checked to see what they are doing with it? People just want to buy dollars in your country, we have to ask, has our import need in terms of items increased so much. What exactly are we using the dollar for? CONTINUE FULL READING>>>>>
