Free Fall Of Naira Shows CBN Leadership Incompetent – Reps Deputy Spokesman

The Deputy Spokesman of the House of Representatives, Philip Agbese, has said that the new leader of the Central Bank of Nigeria (CBN) is not meeting with the expectation of Nigerians.

Agbese shared his concerns during a courtesy visit from elder statesman and former Minister of Agriculture, Audu Ogbeh.

The lawmaker argued that the current leadership of the apex bank is not different from the previous one led by Godwin Emefiele.

Naija News reports that on Monday the naira had fallen to ₦1,200 per dollar in the official market.

Reacting to the development, Agbese asserted that the spike in the exchange rate of the dollar shows the new leadership is ‘incompetent’.

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.”