Economic Hardship: Presidency Hits Back at Atiku’s Forex Policy Critique

The Presidency announced on Sunday that the former Vice-President, Atiku Abubakar’s attempt to criticize the government’s foreign exchange policy had failed

The Presidency stated that the Central Bank of Nigeria (CBN) is currently implementing measures to stabilize the Naira.

Atiku recently criticized the Forex policy of the present administration under President Bola Tinubu, alleging it was rushed and lacked consultation with relevant stakeholders

However, Bayo Onanuga, the Special Adviser to the President on Information and Strategy, stated in a weekend statement that Atiku had his facts muddled up in response to Atiku’s claim.

According to him, “Former Vice President, Atiku Abubakar, in an attempt to rubbish the foreign exchange policy of the Tinubu administration got his facts muddled up again. He also failed to prescribe a better Policy Option to what Governor Olayemi Cardoso and his team are executing at the apex bank

“First of all, it wasn’t true that President Tinubu’s meeting last Thursday with the 36 State Governors was centred on discussing foreign exchange crisis and currency fluctuation.

“What was discussed in the main was food supply and how to drastically reduce the food prices

“Contrary to former VP Atiku’s claim, Cardoso’s CBN is implementing a raft of policies to stabilise the Naira and end volatility in the market and this is already yielding some positive results

“Juxtaposed with the policy options being implemented by the CBN, Atiku’s alternative of a controlled floatation of the Naira is similar to the policy of Godwin Emefiele, when an estimated $1.5 billion was spent monthly to shore up the Naira, while arbitrage or round tripping went on unhindered. Sadly, it was perpetrated by people close to the corridors of powers.”

Kanyi Daily recalls that Mohammed Idris, the Minister of Information and National Orientation, dismissed the Peoples Democratic Party (PDP) Governors Forum’s call for Bola Tinubu to resign over the current economic hardship in the country