Amid the recent surge in the value of the naira against the dollar, the Coalition of Northern Groups (CNG) is calling on the Nigerian government, under the leadership of President Bola Tinubu, to ensure that businesses align their prices with the current exchange rate.
Expressing concern over the disparity between market prices and the strengthening naira, Jamilu Aliyu Charanchi, the National Coordinator of CNG, highlighted the unfair burden this places on Nigerian consumers. He criticized businesses for maintaining high prices despite the appreciable gain by the naira, labeling their actions as exploitative and unpatriotic.
The CNG commended the efforts of the National Security Adviser (NSA) and the Central Bank of Nigeria (CBN) for their role in stabilizing the naira, which has led to a significant reduction in the dollar exchange rate.
However, the group stressed the need for sustained measures to ensure the naira’s stability, with the ultimate goal of achieving a stronger naira valued at less than N500 to a dollar in the near future.
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Furthermore, the CNG called on the government to support initiatives such as Dangote’s diesel price adjustment, which reflects the rebound value of the naira and contributes to making essential goods more affordable for Nigerians.
The group also advocated for the sale of crude oil to local refineries in naira, citing potential benefits for the economy and consumers alike.
In addition to addressing economic issues, the CNG raised concerns about alleged misappropriation of public funds by some state governors for forex trading, which has adverse effects on the naira’s strength and, consequently, on the masses. The group urged accountability and called for collaboration with international agencies to ensure justice for economic crimes.
Amidst these challenges, the CNG acknowledged the positive steps taken by some businesses to adjust their prices in line with the naira’s appreciation, signaling a step in the right direction towards fair pricing for Nigerian consumers.
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