The first female Senior Advocate of Nigeria, Chief Folake Solanke, has described the depreciation of the naira as disastrous, calling on the Central Bank of Nigeria to prevent a further decline of the currency’s value.
Solanke made the call on Thursday while delivering her keynote address during the 20th anniversary of Women in Management, Business and Public Service in Lagos.
She said, “About five decades ago, the naira was as strong as the United States dollar and at par with the pound sterling. Now, unfortunately, the naira is nearly 600 to a dollar. It is unspeakable.
“The Structural Adjustment Programme of the International Monetary Fund and its cousin, the World Bank, started the naira descent. People are now starving because of the astronomical cost of food items.
“This calamity is disastrous for the country. WIMBIZ can engage Mr Godwin Emefiele, the governor of the CBN, to stop the bleeding of the naira.”
She urged WIMBIZ to advocate the restoration of the naira and a reasonable exchange rate.
“It is possible. Some people say that by December, it would be N750 to a dollar. It must not happen. We should not allow the naira to sink into N1,000 for a dollar and then sink to nothingness,” she added.
Solanke also advised the CBN to drive mass education on the use of the eNaira while also urging WIMBIZ to play a leading role in the movement.
The Chairperson, Executive Council, WIMBIZ, Nghove Ihyembe-Nwankwo, said during her opening address that proportionally, women were underrepresented, underemployed and underpaid.
She said, “In management, women represent 17 per cent of board chairs. And although this is significantly higher than the global average of six per cent, it is still low when compared against the large percentage of women in the workforce, which is 33 per cent.
“In entrepreneurship, female-owned businesses are also more likely to fail to scale and remain only at a micro level. On one hand, progress has been made, on the other hand, there is more to be done. I personally yearn for a woman as governor, vice president and even a Madam President.”
Ihyembe-Nwankwo appreciated the management team of WIMBIZ for their support as the conference marked the end of her two-year tenure.
