Solanke Urges FG to Stop Naira Crash, Create More Awareness on e-Naira

Oluchi Chibuzor

Retired justice, and first female Senior Advocate of Nigerian, Folake Solanke SAN, has called on the federal government to stop the persistent crash of naira by initiating stable policies that stabilize the exchange rate of the nation’s currency against foreign currencies.

This, in her view, will prevent the nation’s currency from sinking to nothingness, which can be averted by restoring its value to a more reasonable exchange rate.

She stated this while speaking at the 20th Women in Management, Business and Public Service (WIMBIZ) conference held recently in Lagos, with the theme, “Celebrating Legacy.”

She pointed out that about five decades ago the naira was as strong as the U.S dollar and at par with the Pounds Sterling. The nation’s currency, she said, started depreciating with the interventions of international organisations.

According to her, “now most unfortunately the naira is nearly N600 to a dollar. We should not allow the naira to sink into N1000 for a dollar and it will then sink to nothingness. This calamity is disastrous for the country.”

The 89 year old maintained that the structural adjustment programme (SAP) of the IMF and it’s cousins at the World Bank started the naira descent, stressing, “that people are now dying of hunger because of the astronomical cost of food items.”

“WIMBIZ should devise a strategic plan to raise a public national awareness against the further devaluation of the naira and advocate for the restoration of the naira to a reasonable exchange rate, “she noted.

She charged WIMBIZ to engage with the governor of the central Bank of Nigeria (CBN) to stop the naira from further hemorrhaging.
On the e-Naira, she noted its introduction was with little knowledge of the infrastructure for this e-banking system, she therefore advised CBN and WIMBIZ to engage in corporate programmes on the new digital product.
On her part, the Director General of World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, urged women to be more adventurous in their chosen sector.

“For me men must learn to give way for women in most of these positions and women must learn to be humble, simple in whatever positions they find themselves in, “she said.
Speaking on WIMBIZ’s legacy, Chairperson, Executive Council, WIMBIZ, Ngover Ihyembe-Nwankwo, in her welcome address acknowledged WIMBIZ’s intentionality as a catalyst which inspires, connects and empowers women, as well as its resoluteness in the promotion of gender diversity, sustainability and inclusive prosperity.
Reflecting on the WIMBIZ story and journey, she acutely acknowledged that more work still needs to be done, while noting that proportionally more women are underemployed, underpaid, and underrepresented

“In politics, the World Economic Forum records that out of a total of 149 countries, Nigeria is ranked as having the 139th largest gender gap in political empowerment. In management, women represent only 17 percent of Board Chairs, though significantly higher than the global average of 6 percent but still low when compared against the average percentage of women in the workforce of 33 per cent.
“In entrepreneurship, female-owned businesses are more likely to fail to scale and remain only at the micro-level. So, on the one hand, we are celebrating progress, on the other hand, there is still a lot to be done collectively & individually, “he stated.
She added, “I yearn for a woman as a Governor, a female Vice President and dare I say it, even a Madam President. And so, even as I step down, I know that there is still much more to be done. So I pledge my continued support for gender parity or as we like to call it, the gender agenda.”

The Annual Conference is WIMBIZ’s flagship event which is held in November of each year with an average attendance of over 1500 delegates to deliberate on a contemporary theme with a broad range of topical issues that are relevant to women in the business, corporate, public and development sectors.