FX Volatility: Presidency Refutes Atiku’s Criticizing, Says He Got It Wrong Again

The presidency responded on Sunday, February 18, to former Vice President Atiku Abubakar’s criticism of President Bola Tinubu’s handling of the current foreign exchange crisis, accusing him of spreading misinformation without offering viable alternatives.

In a statement by Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Presidency dismissed Abubakar’s claims, asserting that the administration’s efforts in managing the foreign exchange market have been effective, with capital inflows appreciating notably under Mr Yemi Cardoso’s oversight at the Central Bank of Nigeria (CBN).

The statement highlighted the increase in capital inflow by 66.27 percent in the fourth quarter of 2023 compared to the previous quarter, attributing it to policies aimed at stabilizing the Naira and reducing market volatility.

Moreover, the presidency criticized Atiku’s suggestion of a controlled floatation of the Naira, likening it to past unsuccessful policies and emphasizing the government’s commitment to sustainable solutions.

Regarding Atiku’s misrepresentation of discussions at a recent meeting between President Tinubu and state governors, the statement clarified that the focus was primarily on addressing food supply issues and enhancing security measures, refuting claims of deliberations on currency fluctuation.

In conclusion, the presidency reaffirmed the government’s trust in the CBN’s autonomy to manage monetary policies effectively and urged stakeholders to support ongoing efforts rather than spreading falsehoods.