A former banker, Ayo Oyalowo, in a candid discussion with Seun Okin of Channels TV on Tuesday evening, outlined various strategies for the Central Bank, under the leadership of Yemi Cardoso, to tackle the issue of naira depreciation.

During an appearance on the Politics Today Show, the APC chieftain shed light on the underlying causes behind the naira’s decline, attributing it to corruption and criminal activities rather than market forces.

The economist revealed a staggering statistic: Nigerian banks are holding onto over $7 billion, accumulated over the years, without releasing it into circulation. Furthermore, he exposed Binance, a key player in facilitating corrupt practices, citing multiple adjustments to the exchange rate made by the platform just yesterday.

Additionally, he disclosed that banks had received over $200 million from the CBN last week, ostensibly to sell to customers at a rate of two or three naira, but instead, they sold it at over a hundred naira.

Oyalowo asserted that the CBN, under Yemi Cardoso’s leadership, possesses the knowledge and authority to revive the naira. He suggested that by identifying and addressing the five banks hoarding dollars, similar to the actions taken by former CBN Governor Sanusi Lamido during Jonathan’s regime, the exchange rate could be stabilized. He also highlighted how Binance is exploited by corrupt politicians for money laundering and ransom payments, noting a recent report of a transaction worth 19 billion naira in BTC from Nigeria on the app.

“Remove the criminals running some of these banks, and once we have reorganized the banking sector, we can easily pursue those individuals,” Oyalowo emphasized.

The APC Chieftain also criticized former CBN Governor Emefiele for his alleged corrupt practices during his tenure in office.

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