CBN Policy Yielding Result, Atiku’s Claim On Forex Policy Preposterous — Presidency
The Presidency has strongly criticized the claim made by former Vice President Atiku Abubakar regarding the forex policy of President Bola Tinubu’s administration, describing it as preposterous.
Atiku, who was the presidential candidate for the Peoples Democratic Party (PDP) in the 2023 elections, alleged that the forex policy was hastily put together by the Tinubu government.
However, the Special Adviser to President Tinubu on Information & Strategy, Bayo Onanuga, refuted these claims in a statement.
Onanuga stated that it is false and preposterous for Atiku to suggest that the Central Bank of Nigeria’s FX management policy was implemented without proper planning and consultations with stakeholders.
He also emphasized that the apex bank is not hindered by Tinubu’s government in implementing an effective FX Management Policy that addresses issues such as increasing liquidity, regulating demand, resolving FX backlogs, and achieving rate convergence.
“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 and this is already yielding some positive results.
“Capital importation into the country is increasing, according to the latest NBS report. In the fourth quarter of 2023, Nigeria recorded a 66.27 percent increase in capital inflow, compared with Q3, before Cardoso arrived at CBN. In Q3, capital inflow was $654.65 million. It rose to $1.09 billion in Q4.
“Alhaji Atiku will agree that the rise in capital inflow suggests massive investors’ confidence in Nigeria and the policy direction of the Tinubu administration.
“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,” Onanuga said.
