On Monday, March 23, 2015, President Muhammadu Buhari, then the presidential candidate of the All Progressives Congress (APC), reportedly promised to make the naira equal to the dollar in value if elected into office.
Buhari has since denied making this promise but many of his critics still expect him to keep it.
However, economist and research analyst, Chuba Ezekwesili, has said that, while the feat is somewhat possible, it should not be Nigeria’s primary concern.
“Theoretically, it’s possible, if the value of the dollar falls against the value of the naira,” Ezekwesili said while appearing on Frankly Speaking With Jola Sotubo.
“Let’s say we start exporting so much to the United States and other countries and all of a sudden, our naira is in so much demand that people can’t get enough of our money because they have to get our money to get our goods.
“But I think the bigger question for people to ask is why is the value of the naira to the dollar so important? That just tells you that we’re not serious about producing our own things.
“The next step is for us to have an export-oriented point of view and ask how we can improve the business environment… so that people can then produce for the international market. If you’re getting dollars, it doesn’t matter that you’re spending dollars,” he added.
The naira is currently trading at N326 to the dollar on the parallel market.
Watch the interview with economist, Chuba Ezekwesili below: