CBN confused over falling naira, economy – TUC

President of the Trade Union Congress, Bobboi Kaigama on Friday said the Central Bank of Nigeria (CBN) is confused and does not have an idea of how to revive the country’s falling economy.

Kaigama said in an address released in commemoration of Nigeria’s 56th independence anniversary.

Kaigama lamented the the nation’s currency losing value against the Dollar and other foreign currencies.

He expressed worry at the rate at which companies are closing down and investors fleeing the country.

He said, “Ours is a tale of a country that has been hijacked by the Brettonwood institutions and an insignificant few in terms of number, who now manipulate the system to their own personal aggrandizement.  The politicians collude with the big players in the economy to rape the treasury, leaving the people prostrate, hopeless and frustrated.

“There is no gainsaying the fact that all sectors of our economy have collapsed, and our most cherished Naira bows every hour to foreign currencies. As at yesterday the Naira exchanged for between N480 and N492 per US dollar. The Central Bank of Nigeria appears hopeless, not knowing what to do.

“Many companies have closed shop while others are fleeing the country, a situation that has lead to millions of job losses. Our economy has been hijacked by the International Monetary Fund and a few wealthy Nigerians and the society is the worse for it.

“The challenge before the country is the few greedy Nigerians who see the country as their personal property. They use our commonwealth to buy our viable national assets only to turn them to warehouses. They are paid upfront to fix the refineries that never worked; they increase the price of fuel to N145 per litre; canvass for the sale of the Nigeria Liquefied Natural Gas’, airports, sea ports, etc. They have a common goal, which is to loot.”

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