The Central Bank of Nigeria on Saturday blamed past political office holders who failed to take steps to save the country for Nigeria’s present economic woes.
The CBN said this in reaction to the several accusations of the Emir of Kano, Sanusi Lamido Sanusi, on the state and handling of the economy.
In a statement, the CBN acting Director, Corporate Communication, Mr. Isaac Okorafor, the apex bank blamed the nation’s economic crisis on “the failure of those who occupied public office in the past”.
“It is not true that CBN allocates dollars. There is no where in the world that the Central bank sits by and allows vicious speculators to solely distort the value of its currency endlessly. All central banks intervene to buy or sell in the market to ensure that the local currency is protected from dubious attacks”, Okoroafor stated.
“We should not forget that the seed of our current economic crisis was planted by the failure of those who occupied public office in the past but failed to act in the long term interest of the Nigerian economy. It is easy to criticize from outside.
“It is always easier and the grass greener when people are out of office. The challenge we face today is a choice between pandering to the established interest in Nigeria’s speculative economy and the protection of the wages of the real stakeholders who work hard on fixed incomes. For they are the core victims of Naira depreciation.
