Aareonakakanfo of Yoruba land, Iba Gani Adams, has criticised the weakening of the Naira against other currencies.
He urged President Bola Ahmed Tinubu to pursue any individuals or investors working against his administration’s resolve to strengthen the local currency.
Iba Adams made the call on Monday while speaking at the 2024 Edition of Odun Aje (Wealth) Festival, which took place at Orile Agege, Lagos.
He also tasked the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, and all government financial institutions with the same responsibility.
He declared that the fraudulent transactions of dollar to naira and round-tripping must be stopped to save the nation’s economy.
The Yoruba generalissimo, while lamenting the free fall of the local currency which made the dollar sell for N1650 as of today, said the fact remains “that the naira is weakened by the illegal businesses of the saboteurs” and, therefore, “there is an urgent need for us to strengthen the naira from daily free fall.”
“Today, the naira is sold at ₦1650 to a dollar. It is a fact that the naira is weakened by the illegal businesses of the saboteurs.
“And there is an urgent need for us to strengthen the naira from daily free fall.
“Now is the time for the Federal Government to go after those who are bent on sabotaging the efforts of this administration.
“I will appeal to the President, the Central Bank Governor, and all government financial institutions to go after any individual or investor working against the Federal Government’s resolve to strengthen the naira.
“The fraudulent transaction of dollar to naira and round-tripping must be stopped to save our economy.
“The Nigerian economy is in serious trouble, and there is an urgent need for a better approach to save the naira,” he said.
Speaking further on the issue, Iba Adams lamented that Nigeria was losing much of the respect of the global community because of the weak status of her currency, pointing out that by global standards, every country gets the respect of others as a result of the strength of its currency.
According to him, a country with a very viable and strong currency will naturally earn the respect of others, adding that a country with a weak currency would continue to look up to others for both social and economic survival, while the power or the strength of a country’s currency also translates to how much respect the citizens of that country get among the citizens of the world.
“As our naira continues to fall, it is no doubt that Nigeria will be at the mercy of other countries that have strong value for their currencies.
“Even global investors would not take a country with a weak currency seriously economically.
“Let me also say that a weak currency will always affect local production. Especially, in a situation where most of the materials needed for the production of local products are not made in Nigeria.
“Weak currency will certainly affect the economy. The cost of living will surely be high and inflation will continue to bite harder and harder.
“Weak currency will also promote corruption and further sink the country deeper.
“Therefore, I am appealing to President Bola Ahmed Tinubu to make sure that the naira bounces back and regains its strength against the dollar and other global currencies,” he said.
“It is not impossible for us to have our naira gaining strength and bouncing back to at least ₦500 to a dollar within the next year.
“The government has the capacity and the wherewithal to change the ugly narratives of the Nigerian currency. The government should be ready to go after the saboteurs.
“It is an irony of fate to say that the Nigerian currency today is now 50 percent weaker and below the CFA.
“I remember in 2014, when we traveled on an official tour of Togo, Benin Republic, and Cotonou for the inauguration of Oodua Progressive Union (OPU), the CFA was just 28 percent of the naira.
“But today, 1000 naira to CFA in Cotonou 421,64500 is a huge gap.
“The difference is too obvious for us to know that our naira has lost its value,” he added.
On the Odun Aje Festival, the Yoruba generalissimo described it as unique, saying that it was a celebration of the deity in charge of wealth and one of the tools that bind the world together.
He said one of the reasons the group headed by him had continued to celebrate Odun Aje “is for us to regain the lost glory of the Yoruba race,” adding that another important reason “is to change the narratives of our poor past and also to keep the hope alive.”
Iba Adams, however, said with excitement that the efforts were now yielding results, noting that part of the great testimonies of such was the success Oodua People’s Congress (OPC) recorded by promoting Yoruba culture and tradition.
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“For instance, we started celebrating Odun Aje Festival in Onigbongbo, Ikeja, Lagos. But today, Orile Agege is now the host community.
“And since we started celebrating the wealth festival here in Orile Agege, we have recorded various testimonies as an organization. The host community is also benefitting from the good gesture,” he said.
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“As I stand before you today, I am happy to tell you that the Oodua People’s Congress (OPC) under my amiable leadership has also been transformed both spiritually and physically,” he added.
Guest Speaker, Prof. Ayo Yusuf from the Department of Linguistics African and Asian Studies, University of Lagos (UNILAG), spoke on the topic titled: “Concept of Aje Olokun.” He also spoke about the importance of wealth (AJE) as the major drivers of the economy, saying the best way to preserve it was by being prudent.
Yusuf, who was represented by Abolade Daud of the same department, emphasized the need to promote the growth of Yoruba culture, especially by parents, saying findings indicated that some individuals living abroad found it difficult to speak their native languages.
“If we consider individuals living abroad, we notice difficulty in speaking their native languages. I hope our parents can support this to promote the growth of the Yoruba culture,” he said.
Other dignitaries at the event included the Royal Host, the Alaige of Orile Agege, Oba Akeem Ambaliu Agbedeyi; the Onimapara of Mapara Kingdom, Oba Lateef Amodemaja, among others.
