In a series of tweets, former Minister of Education, Oby
Ezekwesili, expressed her displeasure at the recent Forex Policy Subsidy
and warned that it will be just as detrimental in the long run as the
fuel subsidy had been.
Ms. Ezekwesili’s call out is in reaction
to the recent effort by the Central Bank of Nigeria to subsidize forex
by announcing a new exchange rate.
She advised that it was better to try
to correct the problem with our currency via sound monetary policy
rather than try to bring it down by force. Efforts to do this, she said
will only give the illusion that the Naira is gaining value while in
reality, it is not. She also warned that innocent citizens, and not
those making these policies, will suffer the adverse effect of the Forex
Policy Subsidy.
One of her tweets read: “Every Currency that
goes up can come down through SOUND monetary policy. But, every Currency
that comes down by FORCE will go up. #PP301.”
“Once upon a time,
it came from Oil “Subsidy”. Today it comes from FX policy of
“Strengthen ₦” If it looks like duck & quacks like a duck…”
another tweet read.
Below is a screen shot of the tweets calling out beneficiaries of the FX policy
360L
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