Acting-President, Yemi
Osinbajo has explained that corruption and the vandalization of pipeline
facilities in the Niger-Delta region were responsible for the reduction in the
volume of Dollar reserved with the Central Bank of Nigeria (CBN). He said such
was responsible for the continuous fall of the Naira against the dollar.
He
stated this in Port-Harcourt while chiding members of the opposition who
criticize the federal government for the fall of the Naira against the Dollar.
Osinbajo said that
Nigerians spent more money to buy Dollars because the currency was scarce and
insufficient to go round, triggering the forces of Supply and Demand into play.
He,
however, assured that the federal government was putting measures in place to
ensure that the diversion of foreign currencies from the National Treasury
through corruption, and the vandalization of pipeline facilities that reduce
the amount of Dollars accruable to the federal government is brought to end,
adding that once the federal government is able to earn more Dollars than it is
currently earning, the exchange rate will go down.
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