Atiku Abubakar, the former Vice President of Nigeria, has condemned President Bola Tinubu’s foreign exchange policy, asserting that its hurried implementation without careful planning has led to multiple economic crisis in the country.
Taking to his X (formerly Twitter account), Abubakar said the foreign exchange policy has caused different economic pain and poverty in the country.
According to the former vice president, the government did not allow the Central Bank of Nigeria (CBN) to develop implement a sound FX management policy that would have dealt with such issues as increasing liquidity, regulating demands as well as rate convergence.
The PDP presidential candidate in the general election said that the current government should be willing to open itself to sound counsels from opposition and ask for help in fixing the economy.
He said,
Furthermore, the former vice president offered some possible solutions that can address the burgeoning foreign exchange crisis in the country.
According to him, the government can implement a managed-float policy rather than a free-float FX regime.
He further stated that the government needs to bolster its foreign exchange reserve to promote liquidity in the market.
