Sunday, 4 December 2016

CBN blames Sanusi, others for economic crisis

According to Ynaija...
The Central Bank of Nigeria has accused one of its own, Emit of
Kano, Sanusi Lamido Sanusi of playing to the gallery over his
statement that the apex bank was lending to the government about
the limit stipulated in the CBN Act of 2007.

In a statement, yesterday, the CBN acting Director, Corporate
Communication, Mr. Isaac Okorafor, the apex bank blamed the
nation’s economic crisis on “the failure of those who occupied
public office in the past”.

“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

“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

“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

“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


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