Steve Hanke, a U.S. Professor of Applied Economics, criticised President Muhammadu Buhari on Twitter. He accused him of spending eight years in office for “naptime“. And conducted a flawed election to make his man, Bola Tinubu, the heir to his “throne of corruption.”
He added that Nigeria and Nigerians would continue to suffer from poverty, inflation, and violence as long as the government remains standing.
Hanke also had scathing words for the governor of CBN, Godwin Emefiele, whom he described as “incompetent” for his role in the depreciation of the Nigerian naira.
In a tweet(), Hanke stated, “Nigeria’s inflation woes have caused an economic catastrophe. Today, I accurately measured Nigeria’s inflation at 43.25 %/yr. The only thing that can save Nigeria is a currency board, like the one it had from 1912-1959.”
He also pointed out that Nigeria’s black-market premium was at 67.04%, which allowed insiders to buy USD cheaply and sell them on the black market for profits.
“Nigeria’s incompetent central bank governor, Godwin Emefiele, continues to tank Nigeria’s naira,” he said.
In the last year, the naira has depreciated 25.97% against the USD, and the CBN and Governor Emefiele have failed to turn the tide, according to Hanke.
In summary, Hanke believes Nigeria’s economic troubles are caused by poor leadership, and he is calling for a currency board to be implemented to address the situation.
