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Economic Saboteurs Ran Nigerian Economy Aground – Sowore

Posted by Amarachi on Wed 23rd Aug, 2023 - tori.ng

Sowore stated this in a tweet via his verified Twitter handle on Wednesday while reacting to JP Morgan Chase Bank’s shocking estimation, which puts Nigeria’s Forex reserves at about $3 billion.

Sowore

Omoyele Sowore
 

Nigerian activist, Omoyele Sowore, has accused economic saboteurs of running the country's economy to the ground.

Sowore stated this in a tweet via his verified Twitter handle on Wednesday while reacting to JP Morgan Chase Bank’s shocking estimation, which puts Nigeria’s Forex reserves at about $3 billion.

JP Morgan had said in a report that a combination of variables had weakened Nigeria’s net external reserves to an all-time low of $3.7 billion as of the end of last year.

The American multinational financial services firm noted in an August 17 report that Nigeria’s net Foreign Exchange (FX) reserves are significantly lower than previously estimated.

JP Morgan said FX forwards are estimated at $6.84 billion), securities lending is $5.5 billion and currency swaps are estimated at $21.3 billion.

Reacting, Sowore said some economists had destroyed the Nigerian economy, and their supporters have continued to praise them, saying that they were the best.

The Sahara Reporters publisher said JP Morgan seems to be completely in charge of Nigeria’s foreign reserve, adding that they are even daily suggesting to Nigeria how to put more money in there so they can cannibalize the economy.

He wrote: ''Economic saboteurs ran the Nigerian economy aground, but their supporters’ club said they were the best, even last week when a momentary drop in demand for dollars appeared for hours alleluia economists were celebrating and asking everybody to shut up.

“Today Naira is back N900 to 1$, JP Morgan Chase @chase seems to be completely in charge of Nigeria’s foreign reserve. They’re even daily suggesting to Nigeria how to put more money in there so they can cannibalise the economy.”

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