A former CBN Director, Akpan Ekpo, has told NAN in an Interview that the Central Bank made a big error by opening up the Foreign Exchange Market.
He said, “It is an error because the Dollar, Pound and Euro are not our money, we only get Dollars when we sell Oil mainly.
“Our Economy is not productive and we don’t have Firms that manufacture Non-Oil Goods and Services, export them and earn Forex.
“So, our Naira is not convertible, in that case every Country like ours will have what they called Managed Float.
“So when you come and put in more Dollars because you have gotten more Forex, these are very Short Term Measures, they are not sustainable, so the problem is a supply and access problem,’’ he said.
Credit NAN: Texts excluding Headlines
