Nigeria recently witnessed a sharp decline in the value of the naira, with its exchange rate plummeting from approximately 450 naira per dollar to an average of 760 naira per dollar. This alarming devaluation has prompted discussions on finding sustainable solutions to restore the naira’s strength and stability in the foreign exchange market.
Murray-Bruce publicly stated on Friday that he agreed with the decision to stop using reserves and other dollar stockpiles to defend the naira and allow it to freely fluctuate in the market. He issued a warning, stating that the former practice of spending $20 billion a year to maintain the naira’s fake value might push people into bankruptcy.
The former senator urged Nigerians to purchase items and services—such as cars, cement, movies, airfare, and travel—that are produced locally. He is sure that these actions will make a big difference. He also urged Nigerians residing overseas to think about relocating their enterprises to Nigeria.
“The Naira will rise when we #BuyNaijaToGrowTheNaira,” he said. Continuing, he advised Nigerians to visit Silverbird Cinemas to watch Nollywood films. Choose Glo over international brands. Prioritize domestic airlines, such as Air Peace, over international ones.
“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,” he said.