Omoyele Sowore, the 2023 presidential candidate of the African Action Congress (AAC), has voiced his concerns over the dire state of the Nigerian economy, attributing its downfall to actions of economic saboteurs.....KINDLY READ THE FULL STORY HERE▶

Sowore expressed these views in a tweet posted on his verified Twitter account, in response to recent revelations by JP Morgan Chase Bank regarding Nigeria’s Forex reserves….CONTINUE READING

JP Morgan’s startling estimate of Nigeria’s Forex reserves, standing at approximately $3 billion, triggered Sowore’s remarks.

According to an August 17 report by the American multinational financial services firm, a combination of factors has significantly weakened Nigeria’s net external reserves, marking an unprecedented low of $3.7 billion by the close of the previous year.

The report from JP Morgan highlighted several economic indicators: FX forwards at $6.84 billion, securities lending at $5.5 billion, and currency swaps estimated at $21.3 billion.

In response, Sowore criticized certain economists for their role in undermining the Nigerian economy, while their supporters continue to laud them as the best.

The founder of Sahara Reporters noted that JP Morgan appears to wield considerable influence over Nigeria’s foreign reserves, even suggesting strategies for the country to inject more funds, thereby potentially exacerbating economic challenges.

Sowore’s tweet expressed his viewpoint on the matter, stating, “Economic saboteurs ran the Nigerian economy aground, but their supporters’ club said they were the best.

Even last week, when a temporary dip in demand for dollars occurred for a few hours, economists were celebrating and urging everyone to remain silent.”

He continued, “Today, the Naira is back at N900 to 1$. JP Morgan Chase @chase seems to wield significant control over Nigeria’s foreign reserves.

They’re even daily proposing methods for Nigeria to increase its deposits, potentially leading to detrimental impacts on the economy.”