By Our Reporter
The Senator representating the Anambra Central Senatorial District at the National Assembly, Senator Victor Umeh has blamed the Central Bank of Nigeria, CBN’s inability to supervise commercial banks’ foreign exchange dealings since 2015 for the worsening economic crisis that have bedeviled Nigeria in recent times.
Umeh, made the remarks while contributing to a motion to investigate foreign exchange backlog accumulation, the recent activities in the foreign exchange market, as well as some of the development finance programs of the Central Bank of Nigeria from 2015 to date,” sponsored by Senator Osita Izunaso.
Ohamadike Ndigbo, as he is fondly called, argued that during the time under legislative review, commercial banks were retaining these monies, creating artificial scarcity in the system while the citizens were choking.
“The economy is choking. We are all choking. So let’s go to the root of this and take very hard actions that will make it very unfashionable for any bank to engage in this type of sabotage because this is clear sabotage of the economy, ” he argued.
