Nigeria is grappling with a severe foreign exchange shortage crisis that has led to a significant surge in the value of the U.S. dollar, with exchange rates reaching as high as N1160 to a Naira as of Saturday, October 21.
In the midst of this economic challenge, former Senator and Silverbird Chairman, Ben Murray-Bruce, took to social media to share his perspective on how the Naira can regain stability and appreciate in value.
In a tweet, Ben Bruce pointed out that the Naira is undergoing a process to find its proper and natural value, largely because the Central Bank of Nigeria has ceased the practice of defending the Naira with monthly expenditures of $1.5 billion. His statement is a reflection of the changing approach taken by Nigeria’s central financial institution in managing its currency.
Rather than resorting to social media to express dissatisfaction with the Naira’s depreciation, Ben Bruce suggested an alternative strategy for citizens to contribute positively to the currency’s stability. He emphasized the importance of supporting local businesses and industries, thereby strengthening the Naira’s value from within the country.
The Naira is finding its proper and natural value because the Central Bank of Nigeria has stopped the practice of defending the Naira with $1.5 billion monthly.
If you want the Naira to rise, don't come on social media to vent. Instead, it would be best if you now defended the…
— Ben Murray-Bruce (@benmurraybruce) October 21, 2023
In his tweet, Ben Bruce stated, “The Naira is finding its proper and natural value because the Central Bank of Nigeria has stopped the practice of defending the Naira with $1.5 billion monthly. If you want the Naira to rise, don’t come on social media to vent.
“Instead, it would be best if you now defended the Naira by coming on social media with Glo data. Coming to Silverbird Cinemas to watch Nollywood movies. Shifting from Manchester United and Real Madrid to Enyimba FC and Kano Pillars.
“Eating Dangote spaghetti and washing it down with Chivita juice, and flying home for Christmas and New Year with Air Peace. Only when we #BuyNaijaToGrowTheNaira will the Naira appreciate, not when we come on social media to vent.
Ben Bruce’s message underscores the significance of boosting the Nigerian economy through domestic consumption and support of local businesses, ultimately contributing to a stronger and more stable Naira. The call to “Buy Naija To Grow The Naira” aligns with efforts to address the nation’s economic challenges and foster self-reliance.