Edo Businessman Osazuwa wants FG to lower exchange rate of naira against the dollar

By Elvis Omoregie, Benin


An Edo State businessman, Mr Osazee Gift Osazuwa, yesterday called on the Federal Government to intervene and address the depreciating exchange rate of the naira against the dollar.

He made the call in Benin while speaking to journalists about the current exchange rate of the naira against the dollar. Osazuwa, CEO of Osas Gift Global ltd, said on Saturday that the naira was being sold for $1,000 on the black market, which is a very worrying trend.

He said the depreciation of the naira against the dollar did not help them in the electronics sector as they had to spend more to buy goods due to the exchange rate. Osazuwa said if the value of the naira continues to decline without any action by the federal government to rescue the situation, the situation could worsen and then push them into bankruptcy.

Osazuwa, while expressed confidence in President Bola Tinubu's ability to revive the country's faltering economy, he said those in the electronics sector still hoped that he had the ability to improve the situation. He called on the federal government to put an end to the situation before it gets out of control.

He said if the government could rein in interest rate cuts, stem the tide and restore the value of the naira against the dollar, the country would be better off. Also speaking, Mr Matthew Oshodin, CEO of Surprised Pub and Cafe, criticized the high cost of living in the country, as well as the removal of fuel subsidies.

He added that Nigerians are currently struggling to deal with rising fuel costs which has affected all other aspects of the economy. Oshodin also used the medium to call on the federal government to fix the ailing refineries in the country instead of sharing the N5 billion as accommodation to the states.

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