Discard this confusing exchange rate policy, Bakare tells Emefiele

Tunde Bakare, overseer of the Latter Rain Assembly (LRA), has called on the leadership of the Central Bank of Nigeria (CBN) to discard the current exchange rate regime, as it is “confusing”.

Speaking to his congregation on Sunday, Bakare said “the way forward is not so complex for those interested in genuine change”.

“To begin with, the confusing and discriminatory multiple dollar to naira exchange rates – favourable to some and not so favourable to others, and without doubt confusing for potential investors – must be discarded,” he said.

“A more reliable and predictable exchange rate, mutually beneficial to our people and economy and attractive to foreign investors, should be put in place.”

The revered pastor also called for a cut in “prohibitive and punitive” interest rates by the apex bank.

“Similarly, prohibitive and punitive interest rates must be lowered in order to liberate the creative ingenuity of our people as well as encourage those who can access mortgages at affordable rates to become homeowners, especially if our pension scheme is up-to-date and robust.

“The multiplier effect of the removal of these bottlenecks in our economy will cushion the effect of the current recession on our people.

“These are just two low-hanging fruit solutions that demonstrate a commitment to turning the tide of decline. Hopefully, as our foreign reserves increase steadily but surely as reported by the Central Bank of Nigeria on 8 Thursday, January 5, 20177 , these issues will be on the front burner of the apex bank.”

At his ‘State of the Union Address’ in 2016, Bakare had called for the resignation of Godwin Emefiele, governor of the CBN, on charges related to the Sambo Dasuki arms deal scandal.

“To the discerning, the CBN currently contributes negatively to the Nigerian state in more ways than one. Firstly, the CBN has become a conduit for politicians to drain the nation,” he had said.

“Otherwise, how can a letter of barely two paragraphs addressed to the current CBN Governor, Mr. Godwin Emefiele, by the then National Security Adviser (NSA), Col. Sambo Dasuki (rtd.), become the Authority to Incur Expenditure (AIE) leading to cash flow of $47 million (US dollars) and several millions of euros?

“In decent climes, the CBN Governor cannot continue in office while the NSA is accounting for his alleged misdeeds.”

Bakare prayed for “order” to return to the Central Bank of Nigeria.