Tony Elumelu, the Group Chairman of Heirs Holdings and United Bank of Africa (UBA) Plc, has attributed the recent slump in the Nigerian naira to excessive demand for the U.S. dollar, driven by a lack of confidence in Nigeria’s economy. Elumelu made this observation during an interview on Bloomberg Television, stating that the accumulation of dollars by individuals and businesses is due to uncertainty and a lack of trust in the country’s economic policies. He believes that once the government addresses key issues such as exchange rate harmonization, removal of petroleum subsidies, security challenges, and oil theft, confidence in the currency will be restored, reducing speculative demand for the dollar.
Regarding the perceived fading of confidence-boosting momentum since President Tinubu’s inauguration, Tony Elumelu mentioned that recent developments, such as the appointment of Yemi Cardoso as the Central Bank of Nigeria governor and policy statements by the president, will help restore confidence. He noted that two significant changes have occurred: the new Central Bank governor and his team have taken office, and President Tinubu’s commitment to addressing key issues like oil theft and fuel subsidy removal will contribute to economic stability and growth. Elumelu emphasized the importance of addressing these fundamental challenges, maintaining consistent policies, and demonstrating discipline in governance to build confidence and correct the current economic situation.
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