A former presidential candidate, Mr Gbenga Olawepo Hashim has listed 10 criminal forces controlling the foreign exchange market in Nigeria .
The global business man, who is also a veteran civil right activist explained that, until the federal government takes control of the market, the naira will continue its free fall, because Nigeria’s foreign exchange market is controlled by criminal gangs, who will continue to take advantage of every genuine policy.
While speaking to selected media men in Abuja over his statement on the continuous devaluation of naira, Mr Hashim, who is an Oil and Gas executive listed 10 criminal gangs controlling the market, while urging federal government to intervene in the situation.
According to him, there are criminal gangs controlling Nigeria’s foreign exchange market.
Speaking further, he said that this gangs include criminal minded bank executives, money launderers, illegal miners of minerals, those involved in oil bunkering, corrupt politicians with large volumes of questionable funds in their custody, unpatriotic business men, agents of commercial banks at the Central Bank of Nigeria, corrupt public officials, kidnappers and bandits, terrorist organizations.
Mr Hashim also advised federal government to dump the free float of naira in exchange to other currencies.
According to him, it would be delusional to manage Nigeria’s exchange regime with expectations that the market will correct itself.
He said it is time for real central bankers to assume control of the central bank of Nigeria, rather than commercial bankers and even elements at the fringes of commercial banking who have hijacked the management of our monetary policies in the past 2 decades.
– Culled from Security Monitor
