PDP Kicks Against CBN’s Ban Of Foreign Currency Deposits

Nigeria’s opposition party, Peoples Democratic Party (PDP) has disagreed with the country’s apex bank, Central Bank of Nigeria decision to bar foreign currency deposits into domiciliary accounts.

CBN governor, Godwin Emefiele

In a statement issued by the party’s National Publicity Secretary, Chief Olisa Metuh, the party said 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.

It said the CBN decision is illegal, unlawful, void, archaic and communist in nature. The party also the 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 Peoples Democratic Party (PDP) wishes to bring to the notice of President Muhammadu Buhari that the apparent absence of an economic team in the third month of his administration is leading the country into economic quagmire and doldrums.

“In the past, we had given examples of the devastating effect of lack of an economic team and a clear-cut fiscal policy by this administration as evidenced in the lull and painful decline in the stock market, spiral rate of inflation, the disastrous outing of the government team in bilateral talks during the recent visit to the United States of America and the shambolic state of our economy at present.

“This confusion has been extended to operations and regulations of the foreign exchange transactions in Nigeria wherein the government is making it impossible for honest Nigerians to engage in free trade and regulate their personal activities as guaranteed by the constitution, and this is clearly an agenda to illegally impose a communist economic regime on Nigerians.

“The most disturbing aspect of this communist economic agenda is the illegal and unlawful attempt to repeal the provisions of the Foreign Exchange Monitoring And Miscellaneous Provisions Act, otherwise known as Decree No 17 of 1995 and replace it with unilateral imposition of new regulations.

“This Act remains the subsisting law regulating the operations of domiciliary accounts in Nigeria and by its provisions therefore, Nigerians are empowered to freely open and operate domiciliary accounts.

“As such, any enactment and or regulation inconsistent with the provisions of this Act are deemed void. Thus, the recent foreign exchange transaction restrictions by this government are illegal, unlawful and void. Besides the provisions of the law, the PDP declares this administration’s archaic communist economic agenda as unworkable and unsustainable”.

Meanwhile, the CBN has vowed to sanction money deposit banks that aid individuals to launder money.