Those who oppose foreign exchange policy are unpatriotic-CBN

Central Bank of Nigeria (CBN) has said on that those who oppose its foreign exchange policy are unpatriotic, after it came under criticism for pegging the naira at an artificially strong rate to the dollar despite heavy inflationary pressure.

The naira can sell for almost N500/Dollar at the parallel market, while the government has pegged its value to around N305/Dollar since June.

The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, in a statement said those attacking the apex bank polices are unpatriotic and remained persistent in their move to misinform the larger public.

In his words, Okorafor said, “While we respect the rights of every Nigerian or stakeholder to their respective views, we find it curious that certain interests have remained persistent in their move to misinform the larger public, with the intention of discrediting genuine efforts at managing the economy, thereby creating public distrust and panic within the financial system.”

He noted that present economic challenges have been worsened by past practice of frittering away huge earnings made from oil sales over the years.

Okorafor disclosed that the ‘’pressures on the country’s foreign reserves have persisted due to a huge fall in the monthly foreign earnings, which fell from over $3.2 billion sometime in 2013 to below $500 million per month sometime in 2016, when the demand for the Dollar, particularly by importers, continued to rise considerably.’’

According to him, ‘’In spite of the challenges and the basic economic fact that countries earn dollars from international trade, we have ensured we meet the genuine demand of importers to pay for eligible imports and other transactions within available resources.

“Furthermore, the Bank has continued to ensure that there is liquidity and transparency in the foreign exchange market.”

He said that CBN has continued to “ensure that inflation remains within manageable limits; intervene in critical sectors of the economy, through injection of much-needed capital to promote growth and employment; promote export-driven industrialization; provide access to credit to farmers and small scale entrepreneurs at single digit rates, to create wealth.”

He added further that the CBN would protect the interest of Bank customers in Nigeria; and above all, ensure that the masses of our country’s low income earners are protected from the vagaries of high naira depreciation.

“Despite our positive efforts, some persons and groups have chosen to play to the gallery by focusing on negativity that does the country no good. Nevertheless, in line with our mandate and working with the fiscal authorities, we will continue to ensure monetary and price stability as well as maintain external reserves to safeguard the international value of the Naira.

“While leaving our doors open for genuine partnership with all our stakeholders, we will only take economic decisions that will impact positively on the lives of all Nigerians.

“We therefore urge all concerned to be more patriotic and contribute to the soundness of the Nigerian economy; rather than engage in acts capable of undermining the efforts being made at moving the country out of the current economic situation,” he stated in the statement.