Ayo Oyalowo, a political economist and member of the All Progressives Congress (APC), has given his opinion about the reason for the fall in the price of the naira.
He spoke in an exclusive interview with Channels Television’s Seun Okinbaloye.
According to him, Nigeria is in an unfortunate position as a few people have made up their minds that they are going to pull the country down the country.
Oyalowo added that “What we are witnessing is nothing but pure and unbridled criminality. We have had a situation where we think we are running a free market economy, but we have had a few people sit down somewhere and decide they are going to destroy this country.
“I want to say clearly that what has been going on has been nothing short of criminality, and if the people involved or charged with our affairs are willing to solve this problem, there are simple things to do; you don’t have to look at anybody’s face,” he continued.
Speaking on the fall of the Naira, the political economist said, “As I speak, a few Nigerian banks are sitting on over seven billion U.S. dollars refusing to sell, so rather than people getting forex for legitimate transactions as it should be done in a normal clime, we have now decided to go under the trees to do our transactions.
He added that “the second challenge we are facing is that there is something that they call Binance. These guys don’t do anything but speculate; just today alone, they have shifted the value of the naira to the dollar from ₦1700 to ₦1800 within one hour.”