The Peoples Democratic Party (PDP) presidential candidate Atiku Abubakar’s spokesperson, Daniel Bwala, has claimed that some cabals close to President Bola Tinubu may have been behind the Naira’s floating, having stored dollars in anticipation of a doomsday profit.
Bwala responded by posting on his X platform, which was formerly Twitter. He said that Nigerians are in a terrible situation and that patriotic intelligence and law enforcement officials need to move quickly to protect Nigeria from dollar-hoarding cabals on all platforms and in all parties who are threatening the survival of this nation.
He wrote, “When all is said and done and the dust settles, you might find out that this so-called floating of the Naira may have been orchestrated by certain cabals who hoarded dollars to make a doomsday profit. We are in a deep mess walahi.
“This is the time for patriotic intelligence and law enforcement agents to act swiftly to save Nigeria from the dollar-hoarding cabals across all parties and platforms who have their fangs on the neck of the survival of this country,” his statement added.
Wale Edun, the minister of finance, had in September linked the continued decline in the value of the naira to overdue forward payments of $6.8 billion.
Edun said the challenge is that the market is not liquid enough, hence the volatility in the Foreign exchange market.
“We are committed to encouraging liquidity based on reforms that have been made at the moment, on the fiscal side and the monetary side. And together with the restoration of trust and confidence we think the FX flows will return,” the minister had said.
“The commitment is to maintain the existing reforms and improving them. Improving the FX market further so the gap narrows”.
While, President Bola Tinubu said “crucial plans are underway to improve foreign exchange liquidity”.
The president added that his administration will honour every “legitimate contract with respect to the nation’s foreign exchange obligations”.