In a recent interview with Channels Television, Kenneth Okonkwo has criticized the Central Bank of Nigeria (CBN) and the Federal Government’s handling of the foreign exchange market.
Okonkwo asserted that effective forex management should lead to economic prosperity and stability, emphasizing that instability poses the greatest threat to the economy.
Kenneth Okonkwo, a former spokesperson of the Labour Party Presidential campaign organization expressed dissatisfaction with the current state of affairs, particularly highlighting the impact on manufacturers who are grappling with forex instability, high diesel prices, and recent electricity tariff hikes.
He attributed these challenges to what he deemed as macroeconomic volatility imposed by the present All Progressives Congress (APC)-led administration.
Furthermore, Okonkwo lamented the economic burdens faced by Nigerians across different socioeconomic strata, noting that even residents in affluent neighborhoods are not immune to financial constraints.
He underscored the growing awareness among Nigerians regarding their political power and urged them to take decisive action to shape their destinies.
Despite recent appreciation of the naira against the dollar, Okonkwo pointed out that this has not translated into significant reductions in the prices of food and basic commodities, with inflation remaining high at 33.20% and interest rates at 24.75%.
He cited a recent report by the National Bureau of Statistics (NBS), attributing the inflation surge to rising food, energy, and housing costs.
