Unegbu said that local production and manufacturing of constables would put Nigeria in a position to determine the value of the Naira. For instance, the manufacturing plant needs 10 million dollars, so they need to buy dollars. ” But nobody is investigating if their actual need is 10 million dollars or if they need less. “So, most likely, they only needed one million dollars, but they will collect 10 million dollars. “They will send the one million dollars to their supplier, convert the remaining nine million dollars to Naira, and go and sell it to the black marketers ” he said.

Source: The Guardian October 29, 2023 22:51 UTC