Philip Agbese, Deputy Spokesman of the House of Representatives, has stated that the current administration of the Central Bank of Nigeria, CBN, is not living up to Nigerians’ expectations.
Agbese stated on Tuesday during a courtesy call by elder statesman and former Minister of Agriculture, Chief Audu Ogbeh, that the current leadership of the apex bank is no different from the previous one led by Godwin Emefiele.
This was remarked by the congressman in response to the Naira’s ongoing depreciation versus the US currency.
The naira was trading at around N1,200 per dollar in the official market on Monday, according to the Bestnewsnet.
In response to the news, Agbese stated that the recent increase in the value of the dollar demonstrates that the new government is “incompetent.”
“The recent spike in the dollar exchange rate is a clear indication that the new CBN leadership has gotten things wrong from the start,” he remarked.
“The removal of currency restrictions on the official market has exacerbated the Naira’s free fall in the unofficial market.” Previously, these limits have supported the Naira’s value.
“The lifting of the ban on the importation of certain items at a time when our imports are already high and local businesses are struggling to survive has demonstrated that we are far from out of the woods at the moment.”
“One would expect the CBN to increase the number of items so that domestic production for domestic consumption increases and has a positive impact on the economy.”
“You can see how the value of the dollar is rising. That is, those who used to go to the parallel market for dollars are now turning to the government to demand them.”
