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By Chinelo Obogo
Nigeria Patriotic Quest (NPQ), a group of Nigerian professionals, based in the diaspora, has said the Central Bank of Nigeria Governor, Godwin Emefelie, should not be blamed for the decline in value of the naira.
Coordinator of the group, Ahmed Ja’Usman Tijani, said among other things, the drop in the price of crude oil starting from 2015 up till the end of 2020, COVID-19, crude oil theft, low oil production, are among others, the reasons for the decline in the naira.
“We note with great concern the recent upsurge of articles, commentaries and contributions from all manners of people and organisations with the sole aim of making Emefiele the scapegoat for the decline in value of the naira in recent years. Nothing can be further from the truth, as the reasons for the economic challenges facing the nation, with the consequent devaluation of the naira, are very obvious to all objective commentators.
“We seek by this statement, to put the issues around the naira exchange rate and the economy in proper perspective, for the benefit of those who may not be fully abreast of the reasons behind the issues facing our country today,” the group said in the statement.
The group listed factors responsible to include the persistent and drastic drop in the price of crude oil starting from 2015 up till the end of 2020; the COVID-19 pandemic which dealt a heavy blow on the economy, as a result of the lockdown of most areas of national life and the resultant negative impact on productivity and employment.
“This impacted the naira adversely due to the near drying-up of forex inflows from oil and non-oil sectors. Another major factor affecting the value of the naira is the nation’s very poor industrial and productive base.”
