The Central Bank of Nigeria (CBN) is in a frantic state, resembling a regulator attempting to stop a runaway vehicle. Despite applause for intervening, it’s seen as belated, following significant economic damage during Mad Meffy’s tenure.
The CBN’s inaction during the previous management allowed banks to exploit lax regulations, resulting in economic sabotage.
The drastic fall of the naira’s value in the parallel market, coupled with the CBN’s seemingly oblivious stance, raises questions about the new management’s complicity.
The banks’ warehousing of dollars amidst forex illiquidity points to a failure in CBN’s oversight, impacting the economy and raising concerns about inflation and unemployment.
The CBN’s recent actions to regulate banks may be too late to prevent the severe consequences.
Immediate measures, including controlling forex illiquidity, addressing crude oil theft, and ensuring accountability in security efforts, are essential to mitigate the economic fallout.
