Your attempt to destroy foreign exchange policy did not work- Presidency tells Atiku

The presidency of Nigeria on Sunday revealed that former Vice President Atiku Abubakar has failed to destroy Nigeria’s foreign exchange policy.

The presidency further revealed that the Central Bank of Nigeria is currently taking steps to stabilize the naira.

Atiku further revealed that the Forex policy of the current administration under President Bola Tinubu failed because it was in a hurry to put together the consultation of relevant stakeholders.

In response to Atiku’s claim in a statement at the weekend, Bayo Onanuga, the Special Adviser to the President on Information and Strategy, said Atiku got his facts mixed up.

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 centered on discussing the foreign exchange crisis and currency fluctuation.

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

“Contrary to former VP Atiku’s claim, Cardoso’s CBN is implementing a raft of policies to stabilize the Naira and end volatility in the market. 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 power.”

Author

Wale Ponnle

A passionate writer of everything politics in Nigeria with the goal and purpose of bringing authentic information and unbiased news to everyone everywhere.

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