In a recent development, the Deputy Spokesman of the House of Representatives, Hon. Philip Agbese, has voiced strong criticism against the new leadership of the Central Bank of Nigeria (CBN), deeming them unprepared for their roles. Agbese specifically targeted Dr. Yemi Cardoso and his team, accusing them of repeating the mistakes made by former CBN boss, Godwin Emefiele, which had previously brought the nation perilously close to collapse.
The focal point of Agbese’s critique lies in the recent depreciation of the naira, which plummeted to an alarming exchange rate of approximately 1,200 per dollar in the official market. This decline was exacerbated by the Apex Bank’s recent decision to lift restrictions on 43 items that were previously prohibited from accessing foreign exchange. Agbese expressed his discontent with this move, describing it as “putting the cart before the horse,” and asserting that the actions undertaken by the CBN displayed a lack of preparedness.
Furthermore, Agbese cautioned that lifting the ban without proper coordination with fiscal policy measures could potentially expose local manufacturers to unfair competition from foreign producers. He stressed the need for the CBN to consider the ramifications of their decisions, ensuring that the local industries are safeguarded and given adequate support.
These strong criticisms from the Deputy Spokesman of the House of Representatives highlight growing concerns among some members of the Nigerian political landscape regarding the policy decisions of the new CBN leadership. It remains to be seen how the impending challenges faced by the central bank will be addressed and if any corrective measures will be implemented in response to these concerns.
