A former Bayelsa Senator, Ben Murray-Bruce, has averred that Nigeria will eventually go bankrupt if the previous practice of spending $20 billion a year to prop up the value of the Naira artificially is not stopped.
According to the ex-lawmaker made this known as the Naira further weakened to 1045 per dollar on Thursday at the parallel market.
In a post via X on Friday, Bruce urged Nigerians to consume locally made goods and services rather than patronising foreign brands to strengthen the country’s currency.
The business mogul also advised Nigerians residing in overseas countries to invest their businesses in Nigeria.
Murray-Bruce stressed that the best way to go is the decision to float the Naira and stop defending it with the country’s reserves and other dollar stockpiles.
He added that Nigerians should engage with made-in-Nigeria products in the cinemas, cement, and airtime, including flights and vehicles, which should be their sacrifices to strengthen the Naira.
He wrote, “The decision to float the Naira and stop defending it with our reserves and other dollar stockpiles is the way to go. It was never sustainable, and it was taking us the way of Zimbabwe and Venezuela.
“The best way to strengthen the dollar [sic] is organically. When we #BuyNaijaToGrowTheNaira, the Naira will rise, watch Nollywood movies at Silverbird Cinemas. Use Glo over foreign brands. Fly Air Peace and other domestic airlines over foreign carriers.
“Use Dangote Cement to build your homes. Drive around in Innoson vehicles, like I do. And the Naira will be strengthened. And most significantly, we must encourage our diaspora to repatriate their wealth back home.
“If we continue the previous practice of spending $20 billion a year to prop up the value of the Naira artificially, we will eventually go bankrupt, and at that time, we will be talking ₦100,000 to $1.”
