Commentor:

So you don't know you need a permit?

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!

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!

datola:
CBN should not be entirely left alone because the president receives all the blames of economic misfortune.

Moreover, the directive is a welcome development and should be extended to pilgrimage, medical and education trips abroad by all political holders and their families.

TheGoodJoe:


Story. Show me a permit for Occupy Nigeria Protest against GEJ.

The right to protest is a human right arising out of a number of recognized human rights. While no human rights instrument or national constitution grants the absolute right to protest, such a right to protest may be a manifestation of the right to freedom of assembly, the right to freedom of association, and the right to freedom of speech. Additionally, protest and restrictions on protest have lasted as long as governments have.

---

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

farem:
CBN is an independent body, you say? I laugh. This is a fall out of ministerial appointment o.

So CBN should operate outside the policy thrust of the government, abi?

Do you know what transpired before the CBN governor was reappointed?

I would have taken you serious if you advised they brainstorm well before policy directive and announcement .

Commentor:
The executive points the apex bank in the direction of its policies.

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.

Moghalu is 100% right and this is an eye opener. Stand for the truth and not sentiments.

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/

NEIGHBOUR:

So the President who is vested with the power to appoint and also sack the CBN governor can not give directions to it. So the President should watch as the CBN policies destroy his promises to the people. Oga park well.

ItsMeAboki:


Much as I respect Moghalu's intellect; however, in this case he seems to be playing politics by hiding behind a mere technicality of the CBN law to criticise the president - without taking due cognisance of the true realities on the ground.

Does he think a president who ultimately be held responsibly for the success or failure of the country's economy would remain aloof and not give policy direction to of the major influencing organs of the economy?

Secondly, was such order intrinsically wrong; is it ok for our forex to be wasted on importing food items that can equally be grown in this country - to the detriment of our own farmers and economy?

It's ok to talk about the independence of the CBN but in reality he should know that the Bank cannot be all that independent - especially as the president has the power of hiring and firing the CBN governor.

He also seem to be contradicting himself, having earlier criticised the president for interference then later down the line going on to lament that the entire economy had been subcontracted to the said bank.

Walahi I am with the president on this; Moghalu is just splitting hair for attention sake - to remain relevant.

Nicklaus619:


My friend you need to understand and read in between the lines before raining insults, as an economist I can tell you that there is no where in the world that the government has absolute control over her Central Bank, its an independent body and as such charged with the responsibility of advising the government and not the other way around, its only in Nigeria that you guys use sentiment to tackle every issue, ignorance has eating black race so deep that they hardly see anything good apart from their silly believe, sentimental and a sycophantic attitude
It's a pity

oldtruth:



Honestly, you guys are just giving this people attention. Let's stop quoting or familiarizing with them. Moist of them are vagabonds. Nothing works for them. Stop quoting them. Only a fool will support Buhari that is strangulating the economy.

Please let's stop all relationship with this people. Let them keep wallowing in their foolishness. Once nobody cares nor help them, they will come to their senses.

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.

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.

Ugosample:




The president has no power to fire the CBN gov

only 2/3 of the Senate can

all you wrote is wrong

cbn must be independent

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!

ItsMeAboki:


Much as I respect Moghalu's intellect; however, in this case he seems to be playing politics by hiding behind a mere technicality of the CBN law to criticise the president - without taking due cognisance of the true realities on the ground.

Does he think a president who would ultimately be held responsible for the success or failure of the country's economy would remain aloof and not give policy direction to one of the major influencing organs of the economy?

Secondly, was such order intrinsically wrong; is it ok for our forex to be wasted on importing food items that could equally be grown here in this country - to the detriment of our own farmers and economy?

It's ok to talk about the independence of the CBN but in reality he should know that the Bank cannot be all that independent - especially as the president has the power of hiring and firing the CBN governor.

He also seem to be contradicting himself, having earlier criticised the president for interference then later down the line going on to lament about the entire economy being subcontracted to the said bank.

Walahi I am with the president on this; Moghalu is just splitting hair for attention sake - to remain relevant.

NEIGHBOUR:

So the President who is vested with the power to appoint and also sack the CBN governor can not give directions to it. So the President should watch as the CBN policies destroy his promises to the people. Oga park well.

ItsMeAboki:


Ignorance is bliss, go check again - though you are entitled to your opinion.

mekaboy:


1) he should not give CBN order

2) he has know statistics to know how much we produce and how much we need to import

3) Its the job of the finance minister and the CBN to work together to develop policies with available information and not the president giving orders .

4) Developed countries have working systems. here we have failed systems with working political parties .

Moghalu is right, because it is this same interference to weaken systems and make them ineffective .

When the law states penalty for crime, the president will give order for fulani and boko haram to be released. Weaking our judiciary and security agencies that should be independent .

OlujobaSamuel:

People just want to play politics with the president statement/directive.
The CBN MPC must(emphasis on must) work in tune with the executive fiscal policy direction, the CBN is still subjected to directions of the executive in some cases, in which this subject falls under. Also, the CBN in some cases must report to the executive through ministry of finance before making decisions.
Anyone in doubt should go through the CBN Act to confirm.
People should rather discuss the merit or demerit of the directive, and not if he has a right to make such.
The president order/directive is not an illegal order nor is it against CBN Act, no country Central Bank as absolute independence, they are still subject to some directions of the political administration of such nation.

ArmaniUhuru:
Stupid Government. The aim is to create artificial scarcity and leave an impression that without Fulani presence, hunger will kill Nigerians. In the process they will indirectly make case for RUGA. Look everything that this administration does is to implement RUGA. That is its only agenda.

Flyingngel:
rottennaija post:



And yet you laud Trump for trying to influence the decisions of the Fed.





In which of my thread did you see me lauding Trump for anything.
Wetin concern me with Trump or USA?
Na niaja i dey for now.

oldtruth:



Honestly, you guys are just giving this people attention. Let's stop quoting or familiarizing with them. Moist of them are vagabonds. Nothing works for them. Stop quoting them. Only a fool will support Buhari that is strangulating the economy.

Please let's stop all relationship with this people. Let them keep wallowing in their foolishness. Once nobody cares nor help them, they will come to their senses.

TheGoodJoe:


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 lane.

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!