The plea arises from the significant adverse impact of the depreciating naira on the Nigerian economy, particularly on the prices of essential goods and services.
Uwak, a successful businessman who formerly represented Oron, Mbo, Okobo, Ure-Offong/Okobo, and Udung-Uko Federal Constituency of Akwa Ibom State, has expressed deep concern over the recent devaluation of the naira against the dollar, which has had detrimental effects on the nation's economy.
In recent days, the Nigerian currency has been trading between N780 and N1,000 against the dollar in certain quarters. This alarming decline has fueled inflation in consumer goods that rely on foreign currencies for trade. Nigeria, being an import-oriented economy heavily dependent on the mono product of oil, has suffered the consequences of this currency devaluation.
In a statement made over the weekend, Uwak emphasized the urgency of the situation, stating, "It is time to put an end to the depreciation of our currency."
He called upon the Federal Government, the CBN, and other relevant institutions to take immediate and decisive action to address this critical issue.
Uwak explained that confidence-building measures, such as restoring the billions of dollars in the country's foreign reserve, implementing import substitution, and exercising currency control, would help stabilize the value of the naira in the short to medium term. Simultaneously, a more comprehensive, long-term economic plan should be devised.
"The dollarization of domestic spending and excessive waste in governance must be curbed, and we must establish a national consensus on the way forward for our future economic system," he said.
Uwak's concerns are shared by many Nigerians who have felt the direct consequences of the currency's decline.
As the value of the naira continues to fall, the prices of imported goods, including food, medical supplies, and machinery, have surged. This has placed significant strain on the average Nigerian's purchasing power and has resulted in a notable increase in the cost of living.
