PDP blows hot over naira depreciation

The Peoples Democratic Party (PDP) has again hit at the Muhammadu Buhari administration over the depreciation of the naira.

The party demanded the resignation of Godwin Emefiele, governor of the Central Bank of Nigeria (CBN).

The opposition party also asked security agencies to investigate the CBN governor for failing in his “core mandate of managing the economy”.

Kola Ologbondiyan, spokesperson of the PDP, made the demand during a media briefing on Thursday in Abuja.

Recent checks by TheCable showed that the naira exchanged N575 to the dollar at three different markets in Lagos, the country’s commercial nerve centre.

The figure is higher by N1 or 0.2 percent from the N574 it traded last Friday.

Speaking on Thursday, Ologbondiyan said: “The tenure of Emefiele as CBN governor under the APC administration has witnessed colossal failures of monetary and fiscal policies, requiring him to vacate the office and hand himself over for investigation.

“It is instructive to note that when Emefiele took office as CBN Governor in 2014 the naira exchanged for N164 to a dollar. Today, in the hands of Emefiele and the APC, the naira has tumbled to near N600 to a dollar, putting the nation’s economy on its knees.

“Painfully, under the leadership of Emefiele, the CBN has failed in its core mandate of managing the economy and took a dive into propaganda, with claims that do not reflect the harsh economic reality on the ground.

“The PDP therefore urges the EFCC not to allow this revelation to be swept under the carpet as it borders on serious economic sabotage which sanctions are clearly spelt out under our laws.”