Murray-Bruce: Why naira loses value in FX market

Former senator, Ben Murray-Bruce, has urged Nigerians to buy locally-made products to make the naira gain more value in the foreign exchange market.

Murray-Bruce said the naira is finding its proper and natural value because the Central Bank of Nigeria (CBN) has stopped the practice of defending the local currency with $1.5 billion monthly.

The former senator said this in a recent post on his social media accounts.

He added that Nigerians should defend the naira by choosing goods made in the country if they want the naira to gain value in the foreign exchange market.

Murray-Bruce stated: “The naira is finding its proper and natural value because the Central Bank of Nigeria has stopped the practice of defending the naira with $1.5 billion monthly.

“If you want the Naira to rise, don’t come on social media to vent. Instead, it would be best if you now defended the Naira by coming on social media with Glo data.

“Coming to Silverbird Cinemas to watch Nollywood movies. Shifting from Manchester United and Real Madrid to Enyimba FC and Kano Pillars. Eating Dangote spaghetti and washing it down with Chivita juice, and flying home for Christmas and New Year with Air Peace.

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“Only when we #BuyNaijaToGrowTheNaira will the Naira appreciate, not when we come on social media to vent.”

In another post, Murray-Bruce noted that it is more of a betrayal for governments to buy foreign-made cars for officials and shun Innoson Motors which are produced in Nigeria.

He added: “It is a mortal disservice to Nigeria to return to the regime of defending the Naira with $1.5 billion monthly. But it is even more of a betrayal for our various governments to continue buying foreign-made cars for officials when Innoson Motors can meet the need.

“As a private citizen, you can buy whatever you want with your funds. Even at that, if you love Nigeria, you ought to #BuyNaijaToGrowTheNaira.

“But as an elected or appointed officials, our Ministries, Departments and Agencies ought to buy made in Nigeria out of obligatory duty.

“And we should look into amending the Public Procurement Act 2007 to make this mandatory by law. Buy Nigeria. As much as you can. As often as you can. When you do, you are not just buying Nigerian, you are also buying a better future for yourself.”

The Star