Presidency Counters Atiku’s Critique on Foreign Exchange Policy, Emphasizes Stabilization Efforts

In a swift response on Sunday, the Presidency refuted former Vice-President Atiku Abubakar’s attempt to discredit the government’s foreign exchange policy, asserting that the Central Bank of Nigeria (CBN) is actively implementing measures to stabilize the Naira.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, rebuffed Atiku’s claims, highlighting factual inaccuracies and asserting that Atiku failed to present a superior policy alternative to the current initiatives led by Governor Olayemi Cardoso and his team at the apex bank.

Onanuga clarified that President Bola Tinubu’s recent meeting with State Governors primarily focused on food supply and reducing food prices, contrary to Atiku’s assertion that it centered on foreign exchange issues.

Addressing the specifics of CBN’s actions, Onanuga emphasized the ongoing implementation of policies aimed at stabilizing the Naira and curbing market volatility, citing positive results. He critiqued Atiku’s proposed controlled floatation of the Naira, drawing parallels with past policies that incurred substantial monthly expenses without effectively addressing issues such as arbitrage and round tripping, notably involving individuals with close ties to the corridors of power.