The Central Bank of Nigeria, CBN has reacted to a statement credited to Muhammad Sanusi II, emir of Kano and former governor of the Central Bank of Nigeria (CBN), accusing the apex bank of illegally lending to the federal government.
In his reaction to Sanusi’s statements, CBN’s Ag. Director, Corporate Communications, Isaac Okoroafor, said it is always easier to criticise from outside, stressing that the grass seems greener when people are out of office.
His words, “First I want to state that the Central Bank of Nigeria has set up an inter-bank foreign exchange market where anyone who wishes to buy foreign exchange can bid for and buy through their banks.
It is not true that CBN allocates dollars. There is nowhere 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.