e rate, saying it is ill timed, inhuman and capable of further hurting the economy and escalating the sufferings of ordinary masses.
“That is not all, many businesses are bound to go under. What this policy is saying is that Nigerians and the economy can go and die. There is going to be a high jump in business loses, job losses, high cost of goods, while living standard is going to further deteriorate. This policy is going to depress the economy and these are the situations that give rise to insecurity and criminality.”
He said: “I think that it is only an insensitive and inhuman government that will chose a time where there is global hardship and pains to increase foreign exchange rate. The CBN is obviously not properly advising Mr. President. At this moment, other countries are reorganising their economies to factor in some comfort for the ordinary man, to deploy the reserves for their immediate welfare.
Also commenting, Prince Mike Okorie, President of All Ports Unified Freight Forwarding Practitioners Association, APUFFPA, said the new policy is both a clear expression of the disdain those in government hold the citizenry. He asserted that it was a further expression of the greed that motivates our policy makers and implementers, who he accused of using government instrument to feather their nest.