Banks and the Peoples Democratic Party, PDP, have kicked against the decision of the Central Bank of Nigeria, CBN, to bar foreign currency deposits into domiciliary accounts.
The PDP described the decision as illegal, unlawful, void, archaic and communist in nature, stressing that the President should be reminded that as a country, Nigeria was in a democracy and not military administration as in 1984.
A senior bank treasurer and executive member of Financial Market Dealers Association of Nigeria, FMDA, also described the policy as a knee-jerk measure, which was not sustainable, adding that banks’ decision to stop dollar deposits into domiciliary accounts was in protest of the new policy.
In a statement signed, yesterday, by PDP National Publicity Secretary, Chief Olisa Metuh, the party said that President Buhari’s regulations of the foreign exchange transactions in Nigeria where the administration was making it impossible for honest Nigerians to engage in free trade and regulate their personal activities as guaranteed by the constitution, was clearly an agenda to illegally impose a communist economic regime on Nigerians.
The party noted that the absence of an economic team at the moment, especially in the third month of the administration, was leading the country into economic quagmire and doldrums.
Vanguard
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