The chief executive officer of United Nigeria Airlines, Prof Obiora Okonkwo, has hailed the CBN for its efforts to stabilise the naira in the country. In an interview with Channels Television’s business morning show, he expressed hope that the naira will fall below N1000/$.
He said;
We are happy with the success recorded so far in the last week, and there’s hope that the naira will continue to come down, below N1000, probably.”
To accomplish this, however, he recommended that the government introspect and identify the root causes of these problems.
Okonkwo suggested that the federal government should first ensure that the increased federal allocation to states is not used to mop up the foreign exchange market to absorb the surplus cash.
According to him, the activities, usually transacted in cash, starve the market of needed funds.
He also called on the government to ensure enough supply in the foreign exchange market to reduce the influence of speculators.
During the interview, Okonkwo also proposed solutions for the government to increase its revenue inflow.
His words:
The government should quicken the process of taking the NNPC to the stock market. That will help them raise a lot of money and download some NNPC assets in some partnerships. They should do that.” “I have no doubt that when that is done, the government should be able to raise between 10 to $20 billion.” He praised the Central Bank of Nigeria for conducting interviews to keep Nigerians informed about efforts to enhance the value of the Nigerian currency. He also recommended that providing feedback to Nigerians should be embraced openly, without concern for whom it may impact.
United Airlines’ boss proposed that the CBN create a special window for the aviation industry to access forex. He added: “I also think there should still be a special window for some sectors of this economy. Civil aviation is not getting the attention required in this foreign exchange saga. The money, the language and the official money for aviation is the dollar.
“I know other sectors are affected, but in terms of category, aviation is the number one category. It is a catalyst for economic growth. And if we don’t do that quickly, it will affect this industry negatively. Obviously, the multiplier effect will be enormous.”
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