TheGoodJoe:


What are you saying? There is a reason why the Central Bank should be an independent body to prevent Political Interference. Kingsley Moghalu has explained clearly that political interference is wrong and the Banking institution should know its stance for the better of the economy.

After such explanation you write this. Shows you did not spend time to read the article to get the Former Presidential Candidates point.

castiello:
I wipe for my dear country’s youth who become dumb every passing day, why will a country rich and has fertile soil will be importing food when anything we seed in the ground bring forth food the president knows what his doing most of this business men access dollar at the official rate of 301 in pretense of importing food and the end up selling it to the parallel market at 355 to make money why the end up smuggling food across the land border, youths be wise this man is trying his best he has noting to loose his old and gone already na we make we buckle our belt

SillyMods:
Foolish youths aplenty in Nigeria. The president that's working to improve the Nigerian economy by discouraging importation of foods that can be locally produced is who they're cursing.

Look at this wannabe presidential candidate who doesn't know a thing about governance speaking rubbish. I get it that, to be in the news you just have to oppose Buhari especially when you have lazy youths to applaud you.

Nonsense!

Barondenigeria:


You clearly have no formal education! If you had the slightest idea of basic economics, you would understand that a CBN restriction on forex for food importers will lead these importers to the black market where they would buy the dollar at higher rates. That cost will be shifted to we the consumers and eventually you'll have a "commodity price inflation".

Many of you Buharists are fantastically dull!

Priscy01:
Kingsley Moughalu, a former deputy governor of the Central Bank of Nigeria (CBN) has faulted President Buhari's directive on non-provision of foreign exchange for food importation.

Recall that President Buhari while hosting APC Governors at his hometown in Daura, said his directive to the CBN to starve food importation of foreign exchange stemmed from the steady improvement in agricultural production and attainment of full food security.

However the former Presidential candidate of the Young Progressives Party (YPP) rubbished President Buhari's order and further pointed out that the CBN is an independent body which should be left alone to discharge its functions, Igbere TV reports.

Moughlau stated that the political interference in CBN's economic policies leads to poverty and also weakens institutions.

He tweeted;
“Is @cenbank now a ministry to be “directed” by President @MBuhari ? Article 1(3) of the CBN Act 2007 states ‘In order to facilitate the achievement of its mandate under this Act…the Bank shall be an independent body in the discharge of its functions.

“The issue here isn’t whether or not CBN should allow access to forex for food imports. It is about whether such an economic policy of a central bank should be imposed by a political authority. A major reason for our poverty, instability and weak economy is weak institutions.

“Our marketplace should be regulated and guided in a rational manner that creates a level playing field. Our economy will not be saved by Ad Hoc political decisions like this, handed down by the very institutions that should be shielded from the whim and caprice of politicians.

“Nigeria’s entire economy appears to have been sub-contracted to our central bank, including industrial and trade policy. In the process the economy has fared poorly and the Bank has lost its independence. This is sad!

“@NGRPresident should leave @cenbank alone to discharge its mandate independently within the ambit of the CBN Act, and stop “directing” it. @cenbank should on its part assertive its independence (assuming it actually believes it should be independent, but the Act says so, clearly!”

Source; http://igberetvnews.com/896762/non-provision-of-foreign-exchange-for-food-importation-leave-cbn-alone-moghalu-tells-buhari/

SillyMods:

At the end of the day, there isn't anywhere in the world where "the bulk does not stop at the president's table" even in matters of central bank and its activities. You know why? Because when everything goes south, it's the president that still gets the blame.

Was this not same man Emefiele who released billions to GEJ for looting without any appropriation?

Una never ready!

SillyMods:
Foolish youths aplenty in Nigeria. The president that's working to improve the Nigerian economy by discouraging importation of foods that can be locally produced is who they're cursing.

Look at this wannabe presidential candidate who doesn't know a thing about governance speaking rubbish. I get it that, to be in the news you just have to oppose Buhari especially when you have lazy youths to applaud you.

Nonsense!

Barondenigeria:


You clearly have no formal education! If you had the slightest idea of basic economics, you would understand that a CBN restriction on forex for food importers will lead these importers to the black market where they would buy the dollar at higher rates. That cost will be shifted to we the consumers and eventually you'll have a "commodity price inflation".

Many of you Buharists are fantastically dull!

TheGoodJoe:


Not give them orders. Which was a wrong call by Buhari.

Osgilliat:



That is the idea behind the directive given to CBN. To inflate the price of imported foods so that consumers will not patronize them and that will give our locally produce foods the chance to compete. I see no harm in these, it’s a win win.

Barondenigeria:


You clearly have no formal education! If you had the slightest idea of basic economics, you would understand that a CBN restriction on forex for food importers will lead these importers to the black market where they would buy the dollar at higher rates. That cost will be shifted to we the consumers and eventually you'll have a "commodity price inflation".

Many of you Buharists are fantastically dull!

001spice:
your mind is damn sick and lazy. u jst display ur stupidity. u knw nuntin. shame on u

Flyingngel:
Oga you are wasting your time and energy; Buhari we knw does not understand how economy works.
I repeat anytime PMB want to talk, it shld be frm a written address. That way he will save us from un-necessary headache.

SillyMods:

Foolish youths aplenty in Nigeria. The president that's working to improve the Nigerian economy by discouraging importation of foods that can be locally produced is who they're cursing.

Look at this wannabe presidential candidate who doesn't know a thing about governance speaking rubbish. I get it that, to be in the news you just have to oppose Buhari especially when you have lazy youths to applaud you.

Nonsense!

TheGoodJoe:


[s]Is it not the same President who arrested a man organising a Peaceful protest and has flaunted court orders repeatedly? Is that the kind of person who should give orders to the Central Bank?

Simple, the central bank is independent and the President should maintain his lan[/s]e.

throwaway:

It's ur buhari dat know about governance abi. Welldone.
The CBN is meant to act independent.... u forgot to read that part abi. Besides, u don't ho banning stuff when the local production isn't really there ... or capable f meeting considerable amount of demand.

throwaway:

It's ur buhari dat know about governance abi. Welldone.
The CBN is meant to act independent.... u forgot to read that part abi. Besides, u don't ho banning stuff when the local production isn't really there ... or capable f meeting considerable amount of demand.

Barondenigeria:


You clearly have no formal education! If you had the slightest idea of basic economics, you would understand that a CBN restriction on forex for food importers will lead these importers to the black market where they would buy the dollar at higher rates. That cost will be shifted to we the consumers and eventually you'll have a "commodity price inflation".

Many of you Buharists are fantastically dull!

SillyMods:

The CBN doesn't enjoy absolute independence. No central bank in the world does.

Too many ignorant "Errconomists" here

Dwady:
If only these articles are explicit enough.
I see nothing wrong with PMB directives

Commentor:


Anytime the president speaks it would be construed as an order whether or not it is.

SillyMods:
Foolish youths aplenty in Nigeria. The president that's working to improve the Nigerian economy by discouraging importation of foods that can be locally produced is who they're cursing.

Look at this wannabe presidential candidate who doesn't know a thing about governance speaking rubbish. I get it that, to be in the news you just have to oppose Buhari especially when you have lazy youths to applaud you.

Nonsense!


Someone is telling me about allowing CBN to be independent and I ask: who gets the blame if everything goes bad? Wasn't it the same Emefiele that released unappropriated billions to Dasuki and GEJ to loot in the name of fighting insurgency? Who bore the brunt? Not Nigerians?

Moghalu just wants to be heard. He is empty!


You are talking rubbish. How best do you encourage local production/producers other than making imported foods more expensive by restricting access to govt dollars? Wannabe Economist!

Commentor:

And when would you know that you are capable?

And who has banned imports?

They've simply said stop funding import of goods we can produce locally.

throwaway:

and who mentioned absolute independence?

SillyMods:

So, the president is right to instruct whenever he feels necessary. What's your point then?

Commentor:


Don't bring politics into this matter.

Sowore contested for presidency barely 5 months ago.

After losing, woefully at that, he's asking for a change of government via "revolution".

Not even Jonathan would take that, talk less of Trump.