CBN assures on solutions to economic crisis •Clears the air on forex management strategies
Posted by News Express | 4 December 2016 | 1,932 times
The Central Bank of Nigeria (CBN) on Saturday evening reassured that it remains committed to the task of finding solutions to the country’s current economic recession.
“At this critical time in the life of our country the CBN will continue to explore avenues with the Federal Government in order to find solutions to the current economic situation,” CBN Acting Director of Corporate Communications Isaac Okorafor said in a statement issued in Abuja.
He noted that “already Nigerians are waking up to the call to be more productive and to look inwards and to be less dependent on the importation of foreign goods and services.”
The apex bank was apparently responding to its immediate past governor Sanusi Muhammadu Sanusi, now Emir of Kano, who harshly criticised the incumbent CBN Management at a public forum in Abuja on Friday.
Okorafor, who refrained from mentioning Sanusi’s name, said: “First I want to state that the Central Bank of Nigeria has set up an inter-bank foreign exchange market where anyone who wishes to buy foreign exchange can bid for and buy through their banks. It is not true that CBN allocates dollars. There is nowhere in the world that the central bank sits by and allows vicious speculators to solely distort the value of its currency endlessly.
“All central banks intervene to buy or sell in the market to ensure that the local currency is protected from dubious attacks.
“The channels for advice and contribution of ideas on the current economic situation by all patriotic Nigerians are open.
“It is rather unfortunate that some people have chosen to play to the gallery and to make statements to disparage those in leadership at this time in total insensitivity to the larger interests of the Nigerian economy.
“We should not forget that the seed of our current economic crisis was planted by the failure of those who occupied public office in the past but failed to act in the long term interest of the Nigerian economy. It is easy to criticise from outside.
“It is always easier and the grass greener when people are out of office. The challenge we face today is a choice between pandering to the established interest in Nigeria’s speculative economy and the protection of the wages of the real stakeholders who work hard on fixed incomes, for they are the core victims of Naira depreciation.”