Naira Freefall: New CBN leadership incompetent – Reps deputy spokesman

The Deputy Spokesman of the House of Representatives, Philip Agbese, has declared that the new leadership of the Central Bank of Nigeria, CBN, is not meeting the expectation of Nigerians.

Agbese who spoke on Tuesday when elder statesman and former Minister of Agriculture, Chief Audu Ogbeh, paid him a courtesy visit, said the current leadership of the apex bank is not different from the previous one led by Godwin Emefiele.

The lawmaker stated this while reacting to the continuous free-fall of the Naira against the US dollar.

It would be recalled that the naira, Monday, exchanged for about N1,200 per dollar in the official market.

Reacting to the development, Agbese said the recent spike in the exchange rate of the dollar shows the new leadership is ‘incompetent’.

He said, “The recent spike in the exchange rate of the dollar is a clear indication that the new CBN leadership has gotten things wrong from the start.

“The free-fall of the Naira in the unofficial market has been exacerbated by the removal of currency restrictions on the official market. These restrictions had previously propped up the Naira’s value.

“The lifting of the ban on the importation of some items at a time when our import is already high and local companies struggling to survive has shown that we are far from the end of the troubles at the moment.

“One would expect the CBN to increase the number of the items so that local production for domestic consumption will be increased and impact positively on the economy.

“You can see how the dollar rate is rising. What it means is that all those who used to go to the parallel market for dollars are now going to the government to demand it.

Credit: Daily Post