‘They took it from N200 to N800’ — Tinubu speaks on naira depreciation

Bola Tinubu, the presidential candidate of the All Progressives Congress (APC), on Tuesday, criticised the country’s foreign exchange (FX) rate management system while speaking at his party’s campaign rally in Cross River state.

The rally was held at the UJ Esuene Stadium in Calabar, Cross River’s capital.

Taking a swipe at Atiku Abubakar, the presidential candidate of the Peoples Democratic Party (PDP), Tinubu said he (Atiku) cannot be trusted to make the right decisions for the country.

“Don’t mind them (PDP). The lies of their 16 years, they cannot even provide electricity to roast boli. They cannot even provide electricity to roast corn. They say privatisation. Privatisation for Atiku’s pocket. We say that’s the end of that,” he said.

The former Lagos state governor further criticised the recent currency redesign policy and the rapid depreciation of the naira.

He said when the present government took over in 2015, the naira/dollar exchange rate was about N200 to a dollar but it has depreciated to about N800/$ at the parallel market.

The two developments Tinubu spoke about at the campaign rally occurred under the President Muhammadu Buhari-led administration.

“Don’t let them lie to you about change of currency. Their families — they have never understood what inflation is about,” the APC presidential candidate said.

“They never understand (sic) what money laundering is all about. They never understand (sic) keeping our currency in the dark corner of their room.

“To change and the torture moved the exchange rate from 200 to 800. If they had repaired it, if they had arrested this, we won’t be where we are today. We will be greater. They don’t know the way, they don’t know how to think, they don’t know how to do.

“I say, follow me. Are you going to follow me? Are you going to vote for me?”

Tinuu also promised his supporters that if he is elected in the 2023 elections, economic prosperity would return to the state.

He added that he would create jobs for the unemployed youths and develop tourism in the state.

“I promise you, prosperity has come. Jobs have come. We will create jobs here. We will turn your waterfronts to be better than Miami in Florida,” Tinubu said.

“Money will come in. You will enjoy it and you will be happy. Cross River will become wonder of tourism.”