- Presidency rebuffs Atiku’s criticism of Forex policy, stating CBN actively stabilizes naira, refuting rushed implementation claims
- Special Adviser Onanuga dismisses Atiku’s proposal, citing CBN’s careful planning and stakeholder consultations, highlighting increased investor confidence
The Presidency has rebuffed former Vice-President Atiku Abubakar’s criticism of the foreign exchange policy, asserting that the Central Bank of Nigeria (CBN) is actively implementing measures to stabilize the naira.
Atiku had suggested that the current administration’s Forex policy failed due to its rushed implementation without adequate stakeholder consultation.
In response, Bayo Onanuga, Special Adviser to the President on Information & Strategy, refuted Atiku’s claims, stating that the CBN is pursuing policies to address currency volatility.
Onanuga pointed out that Atiku’s proposal of a controlled floatation of the Naira mirrors the policy under Godwin Emefiele, during which significant funds were expended monthly to support the Naira, while unauthorized transactions flourished.
Contrary to Atiku’s assertions, Onanuga affirmed that the CBN’s FX management policy was developed through careful planning and consultations with stakeholders, dismissing claims of government interference in CBN’s operations.
He highlighted the positive impact of the current policies, citing a notable increase in capital inflow, indicating growing investor confidence in Nigeria.
Additionally, Onanuga clarified that President Tinubu’s recent meeting with state governors primarily focused on food supply and price reduction strategies, refuting claims that the meeting centred on addressing the forex crisis.
He emphasized that the government remains committed to addressing economic challenges and ensuring stability in the foreign exchange market.