Ben Bruce offers solution to halt Naira decline

Former Bayelsa Senator and media mogul, Ben Murray Bruce has proffered solutions on how to revive the value of the declining naira.

In a tweet on Friday evening, Mr Bruce who backed moves by President Bola Tinubu’s decision to float the naira, explained that the best way to strengthen the local currency was to increase patronage of locally made items.

“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,” Ben Bruce said.

“The best way to strengthen the dollar 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,” he added.

He warned that “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.”

His comment comes as the value of the Nigerian naira continues to plummet against the dollar. Findings by PoliticsNow on Friday indicate that the naira exchanged at N1,100 as at Friday evening.