Special Advisor to the President on Information and Strategy, Bayo Onanuga, has accused former Vice President, Atiku Abubakar of misrepresenting several facts in his attempt to criticize the Federal Government's strategy on foreign currency.

Atiku recently stated that the reason why the Forex strategy of the administration of President Bola Tinubu has failed was that it was hastily built without stakeholder consultation.

But in a statement released over the weekend in response to Atiku's claims, Onanuga stated that in a bid to disparage the foreign exchange strategy of the Tinubu administration, Atiku twisted his facts again. He added that the former Vice President failed to provide a superior course of action for Governor Olayemi Cardoso and his team to follow at the apex bank.

Contrary to former VP Atiku’s claim, Cardoso’s CBN is implementing a raft of policies to stabilize the Naira and end volatility in the market and this is already yielding some positive results.

Comparing the policy options being implemented by the Central Bank of Nigeria (CBN) with Atiku's alternative proposal of a controlled floatation of the Naira, it appears similar to the policy of Godwin Emefiele.

During Emefiele's tenure, approximately $1.5 billion was spent each month to stabilize the Naira, but unfortunately, the practice of arbitrage continued unchecked. This malpractice was carried out by individuals who were closely associated with the corridors of power.

Onanuga added that steps were being taken by the Central Bank of Nigeria to stabilize the value of the Naira.