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Former Vice President and Presidential Candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has voiced his concerns over President Bola Tinubu’s government’s lack of ideas in tackling the foreign exchange (FX) crisis in Nigeria.
Atiku believes that the hurried implementation of the present government’s FX policies is the root cause of the current state of affairs in the country.
Taking to his social media handle, Atiku expressed his disappointment in Tinubu’s inability to offer concrete steps to address the fluctuation of the currency and the prevailing poverty in Nigeria.
Even during a recent meeting to discuss the FX crisis and economic downturn, Tinubu failed to present any viable solutions.
Atiku accused Tinubu of disregarding the advice of Nigerians and experts who have offered suggestions on how to resolve the crisis.
He urged Tinubu and his team to listen and not be distracted, emphasizing that their policies have brought untold hardship to the Nigerian people.
In order to alleviate the pain caused by the current economic situation, Atiku recommended measures such as eliminating multiple exchange rate windows, which only benefit opportunists and fraudsters.
He also highlighted the need for sufficient FX reserves to defend the domestic currency and restore confidence in the Nigerian economy.
Atiku criticized the floating of the naira and suggested a managed-floating system as a preferred option.
This approach would allow the naira to fluctuate daily under the control and stabilization of the Central Bank of Nigeria (CBN), curbing speculative activities responsibly.
This article was updated 9 months ago
