Daniel Bwala Raises Concerns: Was the Floating of Naira Orchestrated by Tinubu’s Cabals for Doomsday Gains?

In a startling revelation, Daniel Bwala, the spokesperson for former presidential candidate Atiku Abubakar, has suggested that the recent floating of the Nigerian Naira may have been influenced by powerful individuals associated with President Bola Tinubu. Bwala alleges that these individuals deliberately hoarded dollars, aiming to profit from the ensuing financial chaos.

Taking to his X platform Bwala expressed concern over the state of Nigeria’s economy, urging immediate intervention from patriotic intelligence and law enforcement agencies to rescue the nation from the grip of these dollar-hoarding factions that span various political parties and platforms.

“When all is said and done and the dust settles, you might find out that this so-called floating of the Naira may have been orchestrated by certain cabals who hoarded dollars to make a doomsday profit. We are in a deep mess walahi,” Bwala cautioned in his tweet.

He further emphasized, “This is the time for patriotic intelligence and law enforcement agents to act swiftly to save Nigeria from the dollar-hoarding cabals across all parties and platforms who have their fangs on the neck of the survival of this country.”

The controversy surrounding the Naira’s devaluation gained momentum when Wale Edun, the Minister of Finance, attributed the currency’s declining value to overdue forward payments of $6.8 billion. Edun acknowledged that the foreign exchange market’s liquidity was a key concern, contributing to the exchange rate’s volatility.

“We are committed to encouraging liquidity based on reforms that have been made at the moment, on the fiscal side and the monetary side. And together with the restoration of trust and confidence, we think the FX flows will return,” the minister had stated. “The commitment is to maintain the existing reforms and improve the FX market further so the gap narrows.”

President Bola Tinubu also weighed in on the matter, assuring the public that “crucial plans are underway to improve foreign exchange liquidity.” He added that his administration would honor every “legitimate contract with respect to the nation’s foreign exchange obligations.”

As speculation and concerns regarding the Naira’s depreciation persist, Bwala’s assertion of a deliberate act to profit from the currency’s fall has added a new dimension to the ongoing economic discourse in Nigeria. It remains to be seen how this revelation will impact the nation’s financial landscape and political dynamics.