Dr Bayo Olugbemi, President of the Chartered Institute of Bankers of Nigeria, has stated that in order to strengthen its currency, Nigeria must produce locally and export the products to gain foreign exchange.

This was disclosed in an interview with the media in Ibadan on Monday, according to Punch.

The CIBN President said that Nigeria relied too much on imported commodities and had very little to export, which is a core reason for the naira’s constant depreciation.

What the CIBN President is saying

He said that Nigeria needs to diversify into other sectors of the economy and cease depending on oil as a source of revenue and foreign exchange.

He said, “What we need to do to increase the value of naira is to produce goods for export. We have been sending our oil abroad for them to refine and bring it back to us at higher cost. So, we need to start refining it in Nigeria.

“When we refine in Nigeria, we will spend less foreign exchange. When you have few forex chasing goods and services to be imported, of course, the value of the naira will go down. Face the real sector and let’s diversify our forex earner. Let’s go to other sectors of the economy like agric.”

He advised Nigerians, especially farmers and manufacturers to begin to produce high-quality goods and services that will be good enough for exports so as to be able to attract foreign exchange into the country.

“Produce goods and services that will be exported and bring dollars in instead of sending dollars out,” he said.

When asked about suspected hidden costs by some banks, Olugbemi suggested that clients who believe they have been overcharged should contact the ombudsman.