End Multiple Exchange Rate Policy, Soludo Advises CBN

A former Governor of the Central Bank of Nigeria, Prof. Chukwuma Charles Soludo, has called on the Federal Government to scrap its policy of multiple exchange rates.

He said that was the only way to get the country out of the biting economic challenges and get back on the path of growth.

According to him, policy makers must step aside the current multiple exchange rates’ regime and reduce the wide spread between the official and parallel market exchange rates of the naira to a maximum of three to five per cent.

The ex-CBN boss made this observation in Lagos while speaking as Chairman of the Economic Discourse organised by the Institute of Chartered Accountants of Nigeria.

Soludo commended steps taken by the CBN in the last few weeks to restructure the foreign exchange market, but noted that there was still a long way to go to get the economy back on track.

The former CBN governor stated, “With regards to exchange rate, I can see quite some changes in the last few weeks. I think some steps are beginning to be taken, but it is still quite a long way to go to get to a stable and predictable level that eliminates the premium among the multiplicity of exchange rates.

“Nigeria must get out of multiple exchange rates and we must eliminate the premium, get it back on track at a competitive exchange rate regime. The uncertainty that is created by that is so enormous; and with the oil price rising and with the increase in oil earnings, this is the time to take bold steps and do the needful.”

Explaining how policymakers can expunge the multiple exchange rates and close the gap, Soludo said it was simple because the nation had done it before.

He said, “On bold steps, the template is not too far. We have done it before and it is just going back to it. If it (the template) is not broken, why mend it? Get back and eliminate the multiple exchange rate regime, eliminate the premium, or at least significantly reduce it to not more than between three to maximum of five per cent premium between the parallel and official exchange rates.

“On what it takes to do it, that is basically known. Get the public finance okay; I can tell you that with the momentum of what is going on in the rest of the world, by the end of this year, we should actually be having stocks of reserves in the range of about $50bn or $60bn.”

According to Soludo, getting the country out of the current economic recession was no big deal.

He stated, “And getting Nigeria structured and reengineered towards non-oil economy, that again will require a lot more serious work. The recession is not the issue. We will get out of it in spite of government policy.

“I think this is a time Nigeria should actually be making hard decisions to transit away from an oil revenue economy. And that’s the serious work.”

By Ameh Comrade Godwin

Obiano To Present “The Compendium”, To Anambarians On April 18

A new publication listing men and women of Anambra extraction, who set the pace for Nigeria and Africa’s emancipation is ready for public presentation. Gov. Willie Obiano is expected to present the compendium to the Anambra people on April 18 in Awka. 

The editorial advisers of the publication, include Igwe Gibson Nwosu, Prof. Pita Ejiofor, Prof. Pat Utomi, Dr Okwesilieze Nwodo, Prof. C.C. 

Anene, Chief S.N. Okeke, C. Don Adinuba and Mrs Ifeyinwa Anazonwu. Anambra, which prides itself as “The Light of the Nation” currently has no fewer than 1,500 billionaires.

 It has the lowest poverty rate in Nigeria with a Gross Domestic Product of $11.83 billion.

The state’s per capita income currently stands at $1,615, according to official records. The publication, known as “Icons of Anambra State,” lists among others, Dr Nnamdi Azikiwe, cited as the most famous pan-Africanist of the 20th century and Dr Alex Ekwueme, Nigeria’s second republic vice-president. 

The iconic compendium, authored by an entrepreneur and researcher, Mr Uchechukwu Elugu, traces the engaging life and times of some great Nigerians of Anambra extraction, who showed the light so that Africa could find its way. 

Among other pacesetters listed in the publication are Sir Louis Odumegwu Ojukwu, the billionaire father of Chief Emeka Odumegwu Ojukwu. Emeka, an Oxford-educated historian, led the Biafra war in the late 60s. 

The younger Ojukwu, who is also celebrated in the publication, has enjoyed a cult of following even in death. Other outstanding achievers celebrated in the compendium are Sen. Nwafor Orizu, who was Senate President and Acting President of Nigeria when the first military occurred in 1966 and Prof. 

Chike Obi, a leading mathematician. Obi, who was famous for his work on non-differential equations also developed a special solution for Fermat’s Last Theorem. lso celebrated in the publication are Prof. Chinua Achebe, Africa’s most famous novelist and Prof. Kenneth Onwuka Dike, a leading historian and first African Vice-Chancellor of Nigeria’s premier university at Ibadan.

 Other “Anambra State Icons” are the blessed Cyprian Iwene Tansi, Dr Pius Okigbo, Sir Louis Mbanefo, Chief Jerome Udoji, Prof. Dora Akunyili and Chief Emeka Anyaoku, the first black Secretary General of the Commonwealth of Nations. Also in reckoning are Lt.-Gen. Isaac Obiakor, Cardinal Francis Arinze, Prof. Lawrence Dim, Mrs Chinelo Anohu-Amazu, Mr Oscar Onyema, Prof. Ben Nwabueze, Dr Olisa Agbakoba and Mrs Oby Ezekwesili. The icons also include Prof. Alex Animalu, Prof. P.N. Okeke, Prof. Elo Amaucheazi, Dr A.B.C. Orjiako, Dr Emeka Okwuosa, Mrs Uju Ifejika, Prof. Charles Soludo, Chief Chris Ezeh and Mr Mustafa Chike-Obi. The others are Mr Otis Anyaeji, Chief Simon Okeke, Chief Fabian Nwora, Chief Innocent Chukwuma, Chief Cletus Ibeto, Dr Cosmas Maduka, Dame Virgy Etiaba, Mr Peter Obi and Mr Allen Onyema of Air Peace Airlines. 

The book, the publication of which was sponsored by three leading Nigerian banks, is aimed at stimulating hard work, enterprise and resilience among upcoming generations, according to the publishers.

This was first published on Vanguard

"I AM NOT A MEMBER OF THE APC" - Soludo

The attempt by a sponsored section of the media to include the name of the former governor of CBN, Prof Chukwuma Charles Soludo in what is generally perceived as an impossible mission to market APC to ndi Anambra suffered a setback early this morning as the renowned Professor of Economics issued a Press Statement stating clearly that he is not a member of the All Progressives Congress.

Prof Soludo with Chief Obiano when the governor visited his country home last month

The sponsored propaganda had probably in search of credible candidates, included Prof Soludo as one of the persons angling to clinch the APC ticket for the forthcoming gubernatorial election in Anambra State.

The statement reads...

"My attention has been drawn to a publication in the Vanguard Newspaper of Wednesday, January 25, 2017 entitled: "Andy Uba, Soludo, Others battle for APC Gov ticket" in which the state chairman of the party was reported to have listed my name among those contesting for the party's nomination for the Anambra governorship election.

"Since the said publication, I have received hundreds of calls, texts and emails seeking clarification on the matter.

"I also sought and obtained the phone number of the said state chairman and spoke to him in order to ascertain the veracity of the story, and he confirmed to me that he was mis-reported.

"Consequently, I wish to clarify that I am not a member of the All Progressives Congress (APC) and could therefore not be contesting for its party nomination ".

Chukwuma Charles SOLUDO

...

Blog10 can authoritatively reveal that Prof Soludo who recently commended Gov Willie Obiano of Anambra State over his doggedness in handling the present economic recession, is a card carrying member of APGA.