Nigeria’s Greatest Threat To Tackling Poverty Is Naira Depreciation—Oshiomhole

A former Governor of Edo State, Adams Oshohmole, has described the monetary policy of the Central Bank of Nigeria as a “journey that has no destination.”

The former All Progressives Congress National Chairman accused the apex bank governor, Godwin Emefiele, of meddling with fiscal policies during his declaration of his intention to contest for president in Abuja.

This is not the first time Emefiele’s monetary policy is under attack as the Vice President, Yemi Osinbajo, has also taken a similar swipe at the apex bank governor.

He said, “I also want to speak to one policy that I believe is at the heart of the crisis we face when I talk about our monetary policy. We must return to the era of regulation. Right now, there are people who still want the naira floated. There are people, including people in the system, who are saying the naira should be floated. Today, from where we had N1 to $1, between 1974 and 1995, today you have $1 to N580.

“If we continue this journey that has no destination, only a mad man will embark on a journey and when you ask him where he is going, he will say I don’t know, but I know one day I will get there.

“Where are we going to? we will have to agree that these meager policies are not working. The greatest threat to poverty today is that you saved N1m ten years ago believing that you will be able to buy a car of your own, you just find that the value of that N1m will give you less than $1,000. We need to stabilize the currency, stabilize prices.”

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