May 28, 2022

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CBN TALKS BACK ON SANUSI

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CBN TALKS BACK ON SANUSI



The Central Bank of Nigeria has replied the Emir of Kano, Sanusi Lamido Sanusi on his statement regarding CBN current policies and actions. In his speech on  “A Plan to Restore Confidence, Direction and Growth” a keynote address at the policy monitoring dialogue on the state of the Nigerian economy organised by the Savannah Centre for Diplomacy, Democracy and Development (SCDDD), the Emir makes it clear that the CBN has four FX rates instead of a single rate.

He also said that the use of security operatives to attack operators of Bureau De Change will increase the gap between official rate and black market rate and that it will be easier for a Carmel to pass through middle eye than for creditors to borrow Federal Government of Nigeria $30 billion if approved by the Senate.

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However, in reply to the former President of CBN, the acting Director of Corporate Communication for the Bank makes the following comments as stated below:

“ It is not true that CBN allocates dollars. There is no where in the world that the Central bank sits by and allows vicious speculators to solely distort the value of its currency endlessly. All central banks intervene to buy or sell in the market to ensure that the local currency is protected from dubious attacks”.

“The channels for advice and contribution of ideas on the current economic situation by all patriotic Nigerians are open. It is rather unfortunate that some people have chosen to play to the gallery and to make statements to disparage those in leadership at this time in total insensitivity to the larger interests of the Nigerian economy”.

“We should not forget that the seed of our current economic crisis was planted by the failure of those who occupied public office in the past but failed to act in the long term interest of the Nigerian economy. It is easy to criticize from outside. It is always easier and the grass greener when people are out of office”.

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“The challenge we face today is a choice between pandering to the established interest in Nigeria’s speculative economy and the protection of the wages of the real stakeholders who work hard on fixed incomes. For they are the core victims of Naira depreciation”.

“At this critical time in the life of our country the CBN will continue to explore avenues with the Federal Government in order to find solutions to the current economic situation. Already Nigerians are waking up to the call to be more productive and to look inwards and to be less dependent on the importation of foreign goods and services.”

Moreover, Nigeria Consumer Price Index (inflation rate) has increase to 18.33% year-on-year, youth unemployment/underemployment is now almost 50%, the FX rates at the parallel market remains high an Nigeria is said to be in depression currently.

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