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Home ยป Fortify Naira by utilising Nigeria’s cultural assets – NCAC boss to FG
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Fortify Naira by utilising Nigeria’s cultural assets – NCAC boss to FG

OsunDailyBy OsunDailyNovember 19, 2023No Comments2 Mins Read
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Fortify Naira by utilising Nigeria's cultural assets - NCAC boss to FG
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The National Council for Arts and Culture (NCAC) has recommended that Nigerians make intentional efforts to restructure the countryโ€™s economy and fortify the naira by utilising the countryโ€™s cultural assets.

The request was issued in a statement on Sunday by NCAC Director-General, Olusegun Runsewe.

According to Runsewe, there has been an extraordinary decline in the value of the Nigerian Naira, which started during the SAP period and is still ongoing.

According to him, this calls for a thorough reorientation of values and has also put the countryโ€™s cultural ideals to the test.

โ€œThere has been no time in the socio-economic evolution of Nigeria that the naira, the nationโ€™s national currency, has been under such severe pressure as it is today.

โ€œWith the exchange rate of one US dollar to less than one naira in the 70s, the exchange rate of the naira to the dollar today has risen beyond N1,000 to one US dollar.

โ€œAs a free market economy, the value of our nationโ€™s currency would ultimately be determined by the market forces of demand and supply.

โ€œThis has implications on our level of consumption of foreign goods and services and by extension, our values,โ€ he said.

Runsewe observed that the nationโ€™s principles were correct during the time when the naira held significant economic influence on the international stage.

He said โ€œOur attitudes were positive and our personal dispositions were supportive of our developmental aspirations.

โ€œWe were a nation committed to Agriculture as the mainstay of our economy while aggressively embarking on solid mineral exploration to drive a diversified economy.โ€


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Assets Boss Cultural Fortify Naira NCAC Nigerias utilising
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