Dwindling economy: CBN replies critics, says Emefiele will not resign

Amid growing agitation for the Central Bank governor Mr Godwin Emefiele to resign due to economic policy failure, the apex has insisted that its head will not resign.

The Bank said, there was a domino effect in the foreign exchange market being spearheaded by the CBN’s Godwin Emefiele, saying that he wasn’t inexperienced in forex controversy, having been a former Finance and Insurance lecturer and also an ex-GMD of Zenith Bank at a time of the humiliating value of the naira against it’s pairs at the Forex market.

The Central Bank expressed optimism that the glory of naira would be restored in days and months to come.

The Spokesperson of the Bank, Mr. Osita Nwanisobi advised critics of Emefiele to stop distracting him.

He said those calling for his resignation are black market forex dealers with ulterior motives, trying to push their individual interest at the expense of the nation.

Nwanisobi maintained that few individuals will not be allowed to dubiously exploit the parallel market called black market, henceforth.

He said meeting the legitimate foreign exchange request of Personal travel Allowance, payment of foreign schools fees and medical fees abroad is paramount to cleansing the rot in the forex market.

Again, the apex bank said he had sufficient reserve to meet foreign exchange demands.

On the sales of FX to Bureau De Change operators, Nwanisobi said funding them was not sustainable in the long run, saying many of the BDCs had deviated from the purpose for which they were issued licences.

Recall, CBN stopped the sales of forex to over 5,000 BDC operators in Nigeria on July 27, 2021, a decision that received mixed reactions from Nigerians.

Forex scarcity at the parallel market has however led to more depreciation of the Naira against the US dollar, Euro, and Pound Sterling among other currencies on Tuesday across the country.