UPDATES: ₦800 To Dollar Exchange Rate, Possible In 30 Days, Says Sen Ifeanyi Ubah - 247Updates
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UPDATES: ₦800 to Dollar exchange rate, possible in 30 days, says Sen Ifeanyi Ubah

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Information reaching Citypost revealed that it is actually possible to bridge the increasing dollar to naira gap in just 30 days if government is serious about creating enabling environment for competitive economic development process.…CONTINUE READING

In this report by a veteran journalist Okey Maduforo, the Senator representing Anambra South senatorial district, Dr Ifeanyi Ubah revealed workable strategy for economic improvement through elimination of monopoly and strengthening the capacity of small scale businesses.

Senator representing Anambra South District Dr Ifeanyi Ubah has stated that he can reduce the exchange rate of the Dollar to Naira to N800.00 per Dollar within thirty days if given the chance.

Ubah further stated that the only way to checkmate the high cost of cement is to provide license to small and medium scale industries for the production of cement in the country.

Speaking while on a project tour of his six store Nnewi Hight Media and Event Center in Nnewi North local government area Sen Ubah stated that ;

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“I have done it before in the petroleum sector even when I was not a senator and it worked and the prices fell and our people were happy and we need a legal frame work to protect forex and that is what government can do to show transparency “

“There is the need to look into our forex market because every money that comes out of the Central Bank of Nigeria that is meant for importation and those that need them don’t go to the real importers and eighty percent of that money go into wrong hands”

“In the case of the exchange rate of dollar to naira , just give me thirty days and I will bring down the dollar to N800.00 per dollar”

“If government can set up a parallel line for dollar at N700.00 per dollar it will not go beyond N720.00 or N730.00 per dollar because the people involved know what they are making from the present circumstances and they are those eating deep from the federal government”

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“Why would you come come and give somebody money and you don’t have a back end cheque? And because of that they keep having field day and using the money to enrich themselves ” he said

On the issue of cement crisis Sen Ubah contended that the cause of hike in the price of cement is trade monopoly insisting that small and medium scale industries should be given license to produce cement.

“Let us abolish the monopoly in the business of producing cement in Nigeria because it is that monopoly that is causing the hike in the cost of cement”

“Only one person cannot answer to the cement needs of all Nigerians and we all know that we have enough lime stone in this country and if you issue license to small and medium scale industries it would make for competition and the cost of cement would drop drastically”

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“we have lime stone in Ebony , Sokoto and Edo states just to mention but a few and when you give these small and medium scale industries the approval to operate those firms the monopoly would be eradicated and the price would ultimately go down ” he said

Ubah while on the tour explained that the Nnewi Hight Media and Event Center would employ over 500 Nigerians and would house his Authority TV, Authority Newspaper, the studios, cinema house, event center and accommodation for staff and visitors.

He also announced that his 38,000 capacity Football stadium would have a three star hotel and games village contending that with the gargantuan investments in Anambra state he would not allow his state to nose dive economically and that is why he has made his intentions to contest for the gubernatorial seat of Anambra state come November 2025.

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