Economic Hardship: Presidency Hits Back at Atiku’s Critique of Foreign Exchange Policy

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In a statement released on Sunday, the Presidency dismissed former Vice-President Atiku Abubakar’s attempt to criticize the government’s foreign exchange policy, asserting that it had failed to gain traction. The Presidency highlighted that the Central Bank of Nigeria (CBN) is actively implementing measures to stabilize the Naira.

Atiku Abubakar recently voiced his criticism, claiming that the current administration led by President Bola Tinubu’s Forex policy faltered due to being hastily crafted without consulting pertinent stakeholders. However, Bayo Onanuga, the Special Adviser to the President on Information and Strategy, rebutted Atiku’s assertions, stating that Atiku had inaccurately presented the facts in his statement over the weekend.

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.”

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