The Founder of Stanbic IBTC, Atedo Peterside, has told the Federal Government that it is impossible to force the naira to appreciate against the dollar and other currencies in a hurry.
overlay-cleverThe Founder of ANAP Foundation made this known on a Channels Television programme: “Politics Today,” on Thursday.

While he exonerated the President Bola Tinubu administration of blame in the slide of the naira, he said its approach to improving the value of the currency was not the best.

Peterside said: “I will be fair to this government.

“They inherited the exchange rate problem and what they have been doing is trying to manage it.

“Recently I would have thought, let’s get some stability around N1,300 or N1,400, don’t be in a hurry to appreciate the exchange rate.

“Going to sell dollars to Bureau De Change at N1,000, N1,050, those guys will turn around two weeks later and sell it at N1,400, N1,500 and they will go away laughing.

“What’s the point for that?

“It’s better to have some stability they can sustain, keep between N1,300 and N1,400, which looks to be the natural equilibrium band today.

“Keep it there for a while, build up your reserve to let confidence come back.

“So stop trying to appreciate the naira in a hurry.

“It’s not going to work.”

Peterside said the next step for the government is to start doing things to build confidence among investors and stop reckless spending.

He said the habit of doing five things right and doing two things wrong will not help the government achieve anything tangible.

He said Tinubu’s monetary policy is on the right direction, but the government should tackle huge fiscal indiscipline.