NAN-HE-6
Diversification
By Simon Akoje
Lagos, Nov. 29, 2016 (NAN) A Financial Analyst, Mr Emmanuel Eze, has said that if the diversification of the economy is appropriately implemented, it could resolve the nation’s foreign exchange scarcity in the long run.
Eze, who is the CEO of Perfecta Investment Trust, told the News Agency of Nigeria (NAN) on Tuesday in Lagos that diversification was the surest way to earn foreign exchange besides hydrocarbons.
According to him, the current drive to massively diversify the economy to earn foreign exchange is vital to enable Nigeria to be able to meet her international obligations.
The entrepreneur added that the foreign exchange challenges were already being felt, but became evident after the collapse of crude oil prices in the international market.
“In spite of the plunging of commodity prices, our people in authority are not always known for planning for the economy.
“Inadequate planning has become our bane over the years, even when the oil prices went as high as $100 per barrel,’’ he said.
Eze stressed that the monetary policy team of the apex bank, must strive to have a robust approach in resolving the foreign exchange demand in the country.
The Perfecta Investment boss added that government should cease to interfere in foreign exchange operations and allow demand and supply to determine the original price.
“It is completely wrong for state agencies to continue to clamp down on dealers of foreign exchange because it will drive up speculation.
“It is common principles that if speculation is driven up, the gap between the interbank and the parallel markets will be widened, ‘’ he added. (NAN)
STA/ERO/PIO
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(Edited by Emmanuel Okara/Idonije Obakhedo)