Reason Naira will continue to crash against dollar, pound, others revealed

Reno Omokri, an ally of Atiku Abubakar, former presidential candidate of the Peoples Democratic Party in the last election has revealed why theNigerian currency, naira Naira will continue to nosedive in value.

According to him, as MTN Nigeria Limited, DSTV, South African Breweries (SAB miller), Stanbic Merchant Bank and other South African conglomerates in Nigeria are repatriating their profits back home, is as long as the Nigerian Naira will continue to crash against of the currencies.

He stated this via a tweet on Thursday below.

It does not matter who won the #NigerianElections2023. It could have been Waziri Atiku or Peter Obi. But, so long as MTN Nigeria Limited, DSTV, South African Breweries (SAB miller), Stanbic Merchant Bank and other South African conglomerates in Nigeria are repatriating their profits back home, is as long as the Nigerian Naira will continue to nosedive in value.

The same is true for European, American, and Asian companies.

Improving the value of the Naira has a direct relationship with the price of petrol because currently, Nigeria still imports most of its fuel.

Do you know that if all Nigerians stopped using MTN, Airtel, Etisalat, and instead used the only wholly Nigerian-owned mobile service provider, Globacom Nigeria Limited, it would have an IMMEDIATE impact on the value of the Naira and that would, in turn, have a multiplier effect on the price of petrol?

Every time you use an MTN line instead of a Glo SIM to make a call, you are literally saying, ‘South Africa deserves my money better than Nigeria.’

And the next day, you will come on social media and wail about the value of the Naira and blame the government.

Go to South Africa and see whether they use any made in Nigeria products or services. In fact, go there and see whether you are even dignified as a Nigerian.

Be patriotic. Buy Nigerian to improve the value of the Naira. Yes, MTN may offer competitive services. But every penny you spend on their services robs you of a strong Naira. You are sending money and jobs to South Africa. And the more you patronise Globacom, the more revenue they have to reinvest in their business and offer you world-class services.

When you bank with Stanbic instead of First Bank, UBA, Guaranty Trust Bank, or any other Nigerian, you also put downward pressure on the Naira.

Each time you buy any cement or cereal product, other than Dangote, NASCO, or any other Nigerian brand, you are causing the Naira to lose steam.

The only way the Naira will rise in value is if we, as Nigerians, make a deliberate effort to buy Nigeria.

Instead of Birdseye custard and Quaker oats, drink akamu, pap, and ogi. If bread is too expensive because of imported wheat, have acara for breakfast. And by the way, palm wine will make your wife (not girlfriend) happier in the bedroom than champagne!

As far as Air Peace travels to the destination you are going abroad, you should patronise them. You are not giving money to Allen Onyeama. You are giving money to yourself. Air Peace is domiciled in Nigeria. Their revenue and profits circulate in Nigeria and help your purchasing power.

If I had my way, I would compel the President to ban any elected or appointed official, as well as civil servants and the staff of any company wishing to do contracts with the Federal Government of Nigeria, from flying a foreign airline on any route where a Nigerian airline currently flies.

We are experiencing desperate financial circumstances in Nigeria, and we require desperate remedies to revamp our economy after eight disastrous years of Buhari and restore some value to our beloved Naira.

As long as we prefer to buy foreign goods and services where there are viable Nigerian-made alternatives, we will have a boring Naira and Kobo!

Buhari was right about at least one thing. Change Begins With Me!