The Aare Onakakanfo of Yoruba land, Gani Adams, has urged the Federal Government to reverse the depreciation of the naira by helping the currency to regain its value.
Speaking at the celebration of the 2023 edition of Wealth Festival (Odun Aje) in Lagos on Monday, Adams said the depreciation of the naira had affected the country in the global market, asserting that the currency was of little value to the Ghanaian cedi, South African rand, Namibian dollar, among others.
The Yoruba generalissimo recalled that there were “good memories of some years when our naira was equal to United Kingdom pounds sterling and even higher than the American dollars.”
This was just as he noted that the late Chief Obafemi Awolowo projected a strong naira as the currency that would stand the test of time.
“There is urgent need for the Federal Government to look into the best way to help the naira regain its value. It is a matter of concern to see how the Nigerian naira depreciates daily. This continuous depreciation of the Nigerian currency has affected the country in the global market. I feel bad whenever I see how the Nigerian naira has lost value among the currencies of the world.
“The Nigerian naira is of little value to Ghanaian cedi, South African rand and even the Namibian dollar. For instance, one Ghanaian cedis is N39.09. One Nigerian naira is less valuable than the South African rand. One South African rand equals N24.98. Also, the Namibian dollar is more valuable than the Nigerian naira.
“The American dollar is put at over N700 to our currency while the United Kingdom pounds is much more valuable than the naira trading at over N800 to the Nigerian currency,” Adams stated.
Speaking further, Adams blamed the depreciation of the naira on bad leadership, saying it was also a result of the citizens’ failure to appreciate the deity in charge of wealth – Aje.
Other royal fathers present at the event included the Onimapara of Mapara Kingdom, Oba Lateef Amodemaja; the Alayandelu of Odo Ayandelu, Oba Asunmo Balogun; the Oniladaba of Ladaba Kingdom, Oba Nureni Alugbin; the Onirokun of Irokun Kingdom, Oba Buhari Balogun; the Alagbegise of Agbegise Kingdom, Oba Joseph Ikudaisi; and Oba of Ogunfayo land in Iwereku, Ibeju Lekki, Oba Muftau Olanrewaju, among others.