HURIWA blames CBN governor over harsh economy

From Godwin Tsa, Abuja

The Human Rights Writers Association of Nigeria (HURIWA) has blamed the harsh economic situation in the country on the inability of the Governor of the Central Bank (CBN), Olayemi Cardoso to stabilise the Naira.
HURIWA, in a statement on Friday said this failure has resulted in the mass exodus of multinational companies, escalating youth unemployment, and exacerbating the high cost of living crisis.
The group warned that the deteriorating economic conditions could lead to social unrest reminiscent of the recent protests in Kenya, urging the Nigerian government to take immediate action to alleviate the suffering of its citizens.
The statement signed by the group’s National Coordinator,
Emmanuel Onwubiko, highlighted the alarming rate at which multinational companies are leaving Nigeria, citing the lack of accessible foreign exchange, the depreciating value of the Naira, and a challenging business environment as primary reasons for their exit.
The association noted that the Chartered Institute of Directors (CIoD) Nigeria had previously reported that the volatility in the exchange rate and the absence of a liquid forex market significantly hindered business operations, making it difficult for companies to repatriate profits and maintain profitability.
Onwubiko, stated: “The inability of the CBN to provide a stable and accessible foreign exchange market is a clear indication of the failure of monetary policy under the current governor. Multinational companies are leaving in droves, causing a ripple effect of job losses and economic stagnation.”