PGF DG Tackles CBN Over Dwindling Naira - THE ENCOUNTER NEWS

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Thursday, September 23, 2021

PGF DG Tackles CBN Over Dwindling Naira


ABUJA - Governor of the Central Bank of Nigeria, Godwin Emefiele, has come under the attack of the Director General of the Progressives Governors Forum (PGF), Dr. Salihu Lukman, over the dwindling fortune of Naira against the United States’ Dollar.


Governor of the Central Bank of Nigeria, Godwin Emefiele, has come under the attack of the Director General of the Progressives Governors Forum (PGF), Dr. Salihu Lukman, over the dwindling fortune of Naira against the United States’ Dollar.


While describing a situation where a dollar is now being exchanged at well over N550:00 (five hundred and fifty naira) as unacceptable, the politician urged Emefiele to do something drastic to safe the local currency.


Lukman, who expressed this worry in a paper titled, ‘Nigeria’s Debt and Struggle for New Nigeria’, released in Abuja, on Wednesday also expressed sadness that the laid-back attitude of some appointees of the Federal Government was giving opposition figures the ammunition to cast the All Progressives Congress (APC)-led administration in bad light.


He further stated that the laid-back attitude of these appointees has robbed the administration of much needed credit for gains made in the area of nation building.


He noted that “One of the issues that need to also be appreciated is that to some extent, the confidence of PDP leaders tends to be high in engaging debates around the performance of the economy because of the laid-back attitude of some appointees of Federal Government who should have been very proactive in directing public debates in the country.


“Many PDP leaders and their supporters are emboldened by the weak responses of designated public officers in Federal Government saddled with the responsibilities of engaging Nigerians around initiatives of government.


“The other challenge, which is very disturbing is issues around management of Nigeria’s foreign exchange by the Central Bank. A situation whereby the US Dollar would appear to be on a roller-coaster against the Naira is simply unacceptable.


“Had the Naira to US Dollar exchange rate been stable in the last two years, most of the alleged debates about so-called recklessness against the government of President Buhari would have been long settled.”


Lukman also said, “Nigeria’s borrowing, both with reference to debt/GDP and debt/revenue ratio is still below the permissible economic threshold of below 60 per cent and 46 per cent respectively.


“If economic indices are the reference point in any comparative assessment of performance President Buhari- led administration as compared to all the PDP administrations between 1999 and 2016, PDP leaders and their supporters cannot have any voice.”

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