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Past office holders behind Nigeria’s economic crisis – CBN

The Central Bank of Nigeria on Saturday blamed past political office holders who failed to take steps to save the country for Nigeria’s present economic woes.

The CBN said this in reaction to the several accusations of the Emir of Kano, Alhaji Muhammadu Sanusi II, on the state and handling of the economy.

Chief among the accusations by Sanusi, a former Governor of the CBN, was that there are five exchange rates in the country.

The CBN said it does not allocate dollars to end users, adding that the request for foreign exchange are made through their banks.

It explained that there is no where in the world where the apex bank allows vicious currency speculators to distort its currency endlessly.

In the statement, the CBN’s acting Director, Corporate Communication, Isaac Okorafor, said: “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. 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.”

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