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 February 7, 2016 - 5:18 PM EST
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Forex Crisis Let's Fix Dollar Official Rate At N240 - Rewane, Renown Economist

Lagos State Governor Akinwumi Ambode has lauded the Central Bank of Nigeria, CBN, on its monetary policies, saying, "It's a right step to curtail economic saboteur."

The governor gave the commendation while addressing participants at the 3rd Economic Outlook Summit organised by the Network Business Club of the Redeemed Christian Church of God, RCCG, City of David Parish, Victoria Island,


Ambode, who was represented by the Hon. Commissioner for Economic Planning and Budget, Akinyemi Ashade, commended the Federal Government and other states across the federation for emulating Lagos State's strategy in generating internal revenue.

"Lagos State adds 35 percent to the nation's GDP through internally generated revenue, IGR. I admire the innovative step taken by other states who find it paramount to generate revenue in a critical time like this," he added.

Also speaking at the forum, a former Deputy Governor of Central Bank of Nigeria and Chairman of the Net-Work Business Club, Dr. Ernest Ebi, stated: "What is happening presently is a global issue and not peculiar to

. The devaluation of the naira came at a very critical time when crude oil price has reduced to $29 dollars per barrel. The main problem is
economy plummeted from 11% double digit to about 7%. It's worrisome to the whole world because of the huge impacts on commodity prices. Whatever is affecting the world will definitely affect
. It is left for us to have our own home-grown approach on how to deal with it.

"With the 2016 Budget, the government plans to engage a counter cyclical approach to stimulate the economy by creating jobs. Surprisingly, it is during volatility that people make money. So, Nigerians should look at the bright side of life."

In the same vein, a renown economist and Managing Director of Financial Derivatives Ltd, Bismarck Rewane, argued: "It is erroneous to think that some people can sabotage the economy."

Rewane lamented that the Federal Government is doing too little and too late. "I foreseer evaluation as the way forward because 2016 is going to be a very tough year. I can only urge Nigerians to re-adjust their spending habit to get along in 2016," the economist said.

"On the contrary, devaluation is destructive to any economy. But exchange rate flexibility will lead to significant adjustment to the official rate of N220 - N240 to one dollar".

The current official rate is N199 to a dollar.

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Source: News (February 7, 2016 - 5:18 PM EST)

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