How powerful forces were determined to control Nigerian economy - CBN

How powerful forces were determined to control Nigerian economy - CBN

- CBN says it had to resist the pressure from powerful forces who wanted the apex bank to float the naira

- The director of corporate communication of the apex bank, Ugochukwu Isaac Okoroafor, says the bank has been subjected to endless investigations and invited by the National Assembly on a regular basis

- He states that the apex bank is on the right track as the forex management system is yielding positive outcome

The Central Bank of Nigeria, (CBN) has said that influential individuals and organisations have tried to gain control of the Nigerian economy by insisting that the naira be floated.

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The director of corporate communication of the apex bank, Ugochukwu Isaac Okoroafor, made the disclosure during an interactive session with editors in Abuja at the weekend, Guardian reports.

Okoroafor said the CBN had to resist the pressure from what he called powerful forces that embarked on campaign to force the apex bank to float the naira with the accompanying uncertainty of exposing the nation’s currency to the harsh vagaries of market forces.

He said officials of the bank had also been subjected to endless investigations and invited by the National Assembly on a regular basis.

“Sometimes everyday, seven times in a week. At every hearing in the National Assembly, the CBN will always be invited,” Okoroafor said.

The bank official said some people had the wrong notion that there is a lot of money in the bank and they resort to blackmail hoping to get some money.

“We run an open, transparent and accountable system compared to any good central bank in the world. Our books are open and there is nothing to hide,” he said.

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He said the CBN was focused on the survival of the economy and expressed optimism that the bank has been able to stabilize the naira and working to reduce the exchange rate.

Okoroafor said the apex bank was on the right track as the forex management system is yielding positive outcome.

He stated that the parallel market, known in local parlance as the black market, is already dead because of proactive policies of the bank.

He added that the CBN was now targeting to bring inflation to a single digit.

Meanwhile, the Archbishop Emeritus of Lagos Archdiocese and former President of the Christian Association of Nigeria (CAN), Anthony Cardinal Olubunmi Okogie on Friday, September, 29 argued that Nigeria would be worse off should President Muhammadu Buhari get a second time in office.

New Telegraph reports that the cardinal said in a telephone interview that Buhari’s performance so far had been below the average mark, which does not support the calls for his second term.

NAIJ.com gathered that this is coming on the heels of another bombshell from former President Olusegun Obasanjo, in which he carpeted the president as not doing enough to expand agriculture business and youth employment in Nigeria.

Source: Naija.ng

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