CBN faults Sanusi, accuse past leaders for current economic crisis

Chidi Samuel

In apparent response to the recent criticism of the former Governor of the central bank, Sanusi Lamido Sanusi, the CBN, yesterday, blamed the failure past leaders, including  Sanusi Lamido Sanusi, the Emir of Kano, for the current economic crisis in the country.

Faulting the emir’s position in a statement, Mr Isaac Okoroafor, the CBN acting Director, Corporate Communication, said the CBN had set up an inter-bank foreign exchange market where anyone who wished  to buy foreign exchange could  bid for and buy through their banks.

“ It is not true that CBN allocates dollars. There is no where 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”, Okoroafor stated.

“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.

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“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.”

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The CBN statement is coming a day after Sanusu accused the Apex bank of  illegally lending to the  Federal Government. “The problem of the current government is not having the right policies to fix the current economic woes”, he stated.

“The CBN-FGN relationship is no longer independent. In fact, one could argue their relationship has become unhealthy. CBN claims  the FGN now tops N4.7 trillion —equal to almost 50% of the FGN’s total domestic debt. This is a clear violation of the Central Bank  Act of 2007 (Section 38.2) which caps advances to the FGN at 5% of last year’s revenues.” He concluded.