Naira: New CBN Leadership Starting On The Wrong Note – Reps Deputy Spokesman

The Deputy Spokesman of the House of Representatives, Philip Agbese, on Tuesday, berated the new leadership of the Central Bank of Nigeria, CBN, saying that they are not meeting Nigerians expectations.

The lawmaker 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.

Agbese who spoke while playing host to a former Minister of Agriculture, Chief Audu Ogbeh, said the free-fall of the Naira in the unofficial market has been exacerbated by the removal of currency restrictions on the official market.

The lawmaker was reacting to the continuous free-fall of the Naira against the US dollar, said the lifting of the ban on the importation of some items at a time when local companies are struggling to survive has shown that the end to the problems is not near.

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.”