CBN buys into Obi’s philosophy, moves to save naira

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CBN buys into Obi’s philosophy, moves to save naira

By Valentine Amanze

Peter Obi

Nigeria’s apex bank, the Central Bank of Nigeria (CBN), has disclosed its readiness to check the mopping up of dollars at the foregn exchange market (forex).

This is coming on the heels of of the Labour Party (LP) presidential candidate, Mr. Peter Obi’s advice on how to save the national currency by stopping the continued spending of forex by public officials.

The CBN Governor, Godwin Emefiele, on Wednesday announced that the apex bank was monitoring forex and warned politicians mopping up dollars to fund their 2023 election to note its illegality.

Emefiele pointed out that such action was illegal and could warrant a clampdown from security agents.

He warned, “Those, who want to take naira from their account to buy dollars because of election should desist.”

The CBN boss also threatened to freeze any bank account found to be involved in illegal transaction of dollars and Post No Debt (PND) would be placed on accounts caught in the act.

Recall that Obi had said that every country’s economy was measured by the strength of its currency and described as a deviation from international standard, government officials and politicians blatantly spending foreign currency boldly and without shame.

But economic watchers who welcomed the CBN move as a good development commended the LP presidential candidate for crying out and drawing attention to such illicit act.

“We have Obi to thank for raising the timely alarm, the CBN watched and even aided politicians in the two main political parties, the APC and PDP, as they rained dollars freely during their National Conventions last month here in Abuja,” said John Mukoro, economy expert.

The declining currency is already taking a heavy toll on the nation’s economy with many industries in critical areas like the aviation shutting down, he said.

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