Presidency Rejects Controlled Floatation of Naira, Disputes Atiku’s Criticism

The Presidency has contested the suggestion of adopting a controlled floatation of the naira, arguing that it would resemble the economic regime of the former Governor of the Central Bank of Nigeria, Godwin Emefiele, and lead to adverse effects on the economy.

This response was prompted by comments made by former Vice President Atiku Abubakar, who criticized the economic policies of President Tinubu’s administration, particularly regarding the unification of the exchange rate.

Bayo Onanuga, the Special Adviser to the President on Information and Strategy, countered Atiku’s stance, stating that the controlled floatation of the naira, akin to Emefiele’s policy, resulted in significant spending to shore up the currency and facilitated financial malpractices like arbitrage.

He emphasized that President Tinubu’s economic reforms aimed at stabilizing the economy and reducing fluctuation in food prices, as discussed in a meeting between the President, his vice, and state governors on Thursday.

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Onanuga refuted Atiku’s claim that the Central Bank of Nigeria’s FX management policy lacked proper planning and consultation, citing measures taken to stabilize the naira and increase liquidity.

He highlighted a 66.27% increase in capital inflow recorded in Q4 2023, attributing it to investors’ confidence in Nigeria and the policies of the Tinubu administration.

In response to Atiku’s remarks, the National Publicity Director of the APC, Ibrahim, pointed out that Emefiele, a product of the PDP government, played a significant role in shaping current financial challenges.

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He attributed part of the blame for forex challenges to the PDP for appointing Emefiele as the CBN governor.

Overall, the Presidency and the APC reject the idea of a controlled floatation of the naira, arguing that it would not be beneficial for the economy and drawing attention to alternative policies being implemented to stabilize the currency and attract investment.