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Hardship: Your attempt to rubbish foreign exchange policy has failed – Presidency replies Atiku

The Presidency declared on Sunday that Atiku Abubakar, the former vice president, had failed in his attempt to disparage the government’s foreign exchange policy.

It stated that measures to stabilize the Naira were now being implemented by the Central Bank of Nigeria, or CBN.
Atiku recently stated that the reason the current administration under President Bola Tinubu’s Forex strategy failed was because it was hastily assembled without engaging pertinent parties.
But in a statement released over the weekend in response to Atiku’s assertion, Bayo Onanuga, Special Advisor to the President on Information and Strategy, stated that Atiku misrepresented some facts.

He said, “Former Vice President Atiku Abubakar got his facts mixed up again in an attempt to disparage the foreign exchange policy of the Tinubu administration.” Additionally, he did not offer a superior policy alternative to what Governor Olayemi Cardoso and his group are doing at the top bank.

“First of all, it was untrue that the main topic of conversation during President Tinubu’s meeting with the 36 State Governors last Thursday was the foreign exchange issue and currency volatility.

The primary topics of discussion were the availability of food and ways to significantly lower food costs.

When compared to the CBN’s policy alternatives, Atiku’s proposed controlled floatation of the Naira is comparable to Godwin Emefiele’s, in which an estimated $1.5 billion was spent each month to support the Naira while arbitrage and round-tripping continued unabated. Regretfully, those near the corridors of power were responsible for its commission.

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