The Central Bank of Nigeria has been encouraged to uphold recent measures and policies aimed at stabilizing the naira, as advocated by Babatunde Adeyemo, the Chief Executive Officer of Pelican Valley Nigeria Limited, in a statement issued on Thursday.
He urged the federal government to take decisive action against those undermining the economy to maintain its economic reforms and bolster the naira.
Adeyemo noted that President Bola Tinubu’s initiatives to mitigate forex volatility are yielding positive results, evidenced by the naira’s strengthening against the dollar.
He expressed optimism that if the country could maintain the exchange rate at N1000 per dollar or lower, it would bring considerable relief to Nigerians.
The property merchant made this statement while addressing attendees following an accolade bestowed upon him by a Yoruba online platform, Boseri.
Adeyemo emphasized, “It will undoubtedly require some time for the economy to rebound from the shock of the forex policy adjustments and the removal of oil subsidies. However, if the exchange rate continues to fluctuate unpredictably, it will adversely affect the economy.”
He stressed the importance of President Tinubu remaining steadfast in his commitment to revitalizing the economy, asserting that efforts to strengthen the Naira must be maintained.
“Those who are undermining the economy should not be exempted from accountability. I am hopeful that within a few weeks, the foreign exchange rate will further stabilize, providing a welcome relief for our nation’s economy.”
The head of Pelican Valley Estate urged Nigerians to exercise patience and not anticipate an immediate decrease in the prices of most goods in the market due to the gradual decline in foreign exchange rates, emphasizing that this adjustment will take time.
However, he disclosed that amidst the nation’s challenging economic climate and increasing inflation, access to affordable housing will remain a challenge for low-income earners. He cautioned that this situation could exacerbate the country’s housing deficit.
Adeyemo proposed several measures for the government to tackle this issue. He suggested addressing the economic downturn and identifying reputable real estate entrepreneurs, providing them with land and low-interest credit facilities to construct affordable housing for low-income earners.
He emphasized that it would require meticulous planning and execution over 20 or 30 years to address the nation’s housing shortfall.
Regarding the recognition bestowed upon him, Adeyemo expressed gratitude to the newspaper and its management team for deeming him worthy of the honor. He pledged to uphold the goodwill, integrity, character, and trust both in his personal life and real estate business that led to the acknowledgment.