A House of Representatives candidate in the 2023 general election, Obinna Nwosu, has analysed what the Tinubu administration did to keep the Naira appreciating over the past few weeks.
Nwosu, who hails from Ikwuano/Umuahia Federal Constituency in Abia state, stated that the decision of The federal government to suspend the operation of Binance in Nigeria played a huge role in the value of the Naira.
He praised the Central Bank of Nigeria (CBN) and the Office of the National Security Adviser for carrying out due diligence and swinging into action to deal with Binance’s sabotage of the Nigerian economy.
Nwosu said this during an interview with Legit on Saturday.
According to him, “First, I would like to commend the federal government’s decision to suspend the operation of Binance in Nigeria. This was what some of us clamoured for a long time ago. Binance became a tool for sabotage which gave speculators an unregulated platform to speculate against the Naira and devalue it without any rational economic backing.”
Speaking about his experience when he met with a currency changer, Nwosu said: “When I knew Binance was going to pose a negative influence on the Naira, I witnessed a local currency changer, innocently checking Binance before quoting an exchange rate. Then the dollar was trading at N1220 to the dollar. I had no access to the CBN governor, Yemi Cardoso, so I reached out to a few friends who could access him and I told them, “Guys if nothing is done about this Binance app, the dollar is gone to exchange for N5000”.
Speaking further, Nwosu explained that factors that would continuously help the Naira appreciate include productivity, increased exports and constant electricity supply.
The politician said constant electricity will have a huge impact on the economy and the nation at large.