Udeogaranya Flays CBN’s Forex Policy, Warns of Economic Harm from Naira Floating

A 2019 All Progressives Congress (APC) presidential aspirant, Charles Udeogaranya, has criticised the Central Bank of Nigeria’s (CBN) foreign exchange policy following an interview by the CBN Governor, Dr. Yemi Cardoso.

Udeogaranya argued that the policy effectively aligns the official forex rate with the parallel market rate, which he believes, eliminates round-tripping but harms the economy.

He contends that this approach will lead to a perpetual demand-supply imbalance, exacerbating economic challenges in a country with low local production.

The former presidential aspirant highlighted the disparity in global economic competitiveness, noting that the average Nigerian wage cannot afford basic goods like a 1kg chicken filet in Switzerland, priced at $29.25.

He urged the CBN governor to reconsider the naira floating policy, advocating a cap of N600 per dollar.

Udeogaranya further offered his assistance to develop strategies for economic recovery, emphasising the need for realistic measures to stabilise Nigeria’s economy.

https://meet.google.com/call?authuser=0&hl=en&mc=KAIwAWgAmgEUOhJwaW50b19qM2I2MHY3cXhoZ2GiATsaAhAAMgJQADoCEAFKBAgBEAFaAggAagIIAXICCAF6AggCiAEBkgECEAGaAQQYASAAogECEADiAQIIALIBBxgDIAAqATDCAQIgAdgBAQ&origin=https%3A%2F%2Fmail.google.com&iilm=1728372975127