…By Dorcas Funmi for TDPel Media.
Former Senator Ben Murray-Bruce, a prominent member of the Peoples Democratic Party (PDP) and former representative of Bayelsa East, has expressed his admiration for President Bola Tinubu’s decision to float the Naira.
CBN Grants Commercial Banks Freedom to Trade Foreign Exchange
As reported by Naija News, the Central Bank of Nigeria (CBN) has reportedly allowed commercial banks the freedom to trade foreign exchange at any rate.
Multiple sources, including traders, have confirmed that Nigeria is now operating a freely floating exchange rate.
It has been noted that trades are occurring at rates as high as N750/$1, following the recent suspension of CBN Governor Godwin Emefiele.
Tinubu’s Financial Background and Implications for Nigerian Economy
In a Twitter post on Wednesday, Ben Bruce highlighted President Tinubu’s financial background, emphasizing that he is the first President of Nigeria with such expertise.
Bruce believes that this background will bring about significant changes in how business is conducted in the country.
A New Era for Business Deals and Presidential Influence
Bruce’s tweet also addressed businessmen who engage in fraudulent practices and illicit deals.
He conveyed a message that the days of securing import duty exemptions, tax waivers, and fraudulent judgment claims by visiting the presidential villa at night are over.
He urged businessmen to focus on legitimate business deals and stated that Tinubu would not favor any particular individual without merit.
Instead, individuals would have to earn their positions in the Nigerian economy through hard work and fair practices.
Conclusion:
Ben Murray-Bruce’s praise for President Bola Tinubu’s decision to float the Naira reflects the changing landscape of Nigeria’s economic policies.
With the implementation of a freely floating exchange rate, the country aims to create a more transparent and fair business environment.
Tinubu’s financial background is expected to bring a fresh perspective to the Nigerian presidency, leading to increased scrutiny of business dealings and a focus on meritocracy in the economy.