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Nairaland Forum / Nairaland / General / Politics / Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times (24407 Views)
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Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by Blue3k(m): 7:18pm On Sep 26, 2017 |
A massive and clearly illegal multi-source funding of the federal government by the Central Bank of Nigeria (CBN) could drag the Nigerian economy to its knees, experts familiar with domestic monetary conditions and current happenings at the CBN have warned. Source: https://www.premiumtimesng.com/news/headlines/244088-exclusive-nigeria-central-bank-endangers-economy-bank-illegally-funnels-huge-cash-fund-broke-federal-govt.html 7 Likes 4 Shares |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by Blue3k(m): 7:39pm On Sep 26, 2017 |
These accusations are serious. It would lead to future inflation down the road if the money lend gets onto general money supply. Anyway the crowding out is most concerning thing. If private sector can't get credit we are biting time for oil recovery. “The coexistence of high interest rate and growth in money supply are unnatural. Indeed, it generates a contradiction or inconsistency problem. Strong growth in money supply in all countries that adopted quantitative easing pushed down interest rates almost to zero,” he said. This is really odd. QE doesn't cause high inflation as seen on USA and Japan that both did it. The interest rates were kept steady since they essentially played with yield curve by buying treasuries. Is Nigeria really doing QE? 8 Likes |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by RomeSankara: 7:42pm On Sep 26, 2017 |
I was correct that the Treasury bills sales figures under this govt was artificial because I noticed the Way the were being bought faster than any other time in our history even though we were in a recession ..Ladies and gentlemen we have all witnessed the most corrupt, most deceptive, most brutal and most dangerous regime in our collective history ...Even I couldn't have fathomed such fraud like buying up Ur own treasury bills ..damn ..Sarrki explain this now 187 Likes 18 Shares |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by yaki84: 7:45pm On Sep 26, 2017 |
when u have an illiterate tyrant in power. 119 Likes 7 Shares |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by RomeSankara: 7:48pm On Sep 26, 2017 |
yaki84: That guy is a dangerous criminal ..How does the govt buy it's own treasury bills? ....This is horror corruption 97 Likes 8 Shares |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by Greenback: 7:56pm On Sep 26, 2017 |
yaki84: word. The vegetable tyrant is just another kill and divide visionless mallam.. 98 Likes 7 Shares |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by dodelight(m): 8:03pm On Sep 26, 2017 |
RomeSankara:Some of us who have foresight warned Nigerians. It's such a shame now. We were moving forward. Then Buhari came! Back then in 2015, when I saw how the masses were ignorantly rooting for this man, deep down in my heart I thought to myself hope by the end of this regime we won't look back at Jonathan's days and say, We were moving forward! Alas! this regime has not even clocked 3 yet. O God of creation, come direct our noble cause! We (including the innocent of us) are sorry for choosing 'a king' for ourselves. 138 Likes 9 Shares |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by Desyner: 8:05pm On Sep 26, 2017 |
Goverment of rationing. They handled the economy like rice and beans. Osinbanjo put salt not realizing Bubu already added salt. Now the whole nation has eaten but excess salt is harmful to the body and can kill. 31 Likes 3 Shares |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by omohayek: 8:05pm On Sep 26, 2017 |
Blue3k:QE was required in the industrialized countries because they were facing demand-side recessions, and had already cut interest rates to about as low as they could go. Nigeria's inflation is supply-side driven, and as such any attempt at Keynesian "pump priming" will only lead to runaway inflation. The smart thing to do in a situation like the one Nigeria was facing would have been to move the Naira to a clean float (i.e. a single rate with no government intervention whatsoever) while hiking interest rates, slashing public expenditures, and embarking on a rapid, large-scale privatization program to draw lots of forex into the economy and fund the government's revenue gap. Radical privatization would also have moved all the privatized "assets" [sic] off the government balance sheet, freeing up funds for the capital investment Buhari claims to want. Unfortunately Buhari is a total economic illiterate whose ideas don't seem to extend beyond Soviet-style command economics, and the northern clique he trusts stands to lose out big time if the Nigerian state is ever downsized and opened up to competition. It's therefore unsurprising that none of the sensible things to do have actually been carried out, with the partial exception of when Buhari first went on his medical vacation in London, and Osinbajo tried to loosen things up a bit. The best thing for Nigeria would have been for Buhari to resign to face his medical issues full time, but he and his close associates clearly love the trappings of office too much for that. 125 Likes 15 Shares |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by Desyner: 8:06pm On Sep 26, 2017 |
dodelight:Forward how? 4 Likes |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by RomeSankara: 8:06pm On Sep 26, 2017 |
dodelight: We were truly moving forward 23 Likes 2 Shares |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by Blue3k(m): 8:08pm On Sep 26, 2017 |
RomeSankara: Buying up your own treasury bills isn't fraudulent. It's called open market operation which is how the central bank controls rate. The big issue is these guys maybe breaking central bank rules as a way to fund government under table. The treasury bill sales you could be right on. I remember them offering them eurobond. That means high yield in foreign debt. That's a good deal to some people that trust Nigerian government. Correct me if I'm remembering wrong example. 4 Likes 1 Share |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by omohayek: 8:12pm On Sep 26, 2017 |
Let me also take this opportunity to add that this news report only substantiates what I've been saying about Emefiele for a long time now, which is that he is a spineless, grovelling coward who is so eager to cater to Buhari's ridiculous whims that he ignores the independence he is statutorily guaranteed. If Emefiele wanted to say no to everything Buhari was demanding, there would be no legislative or administrative means Buhari or anyone else could use to override him, short of getting both chambers of the NASS to strip the CBN of its independence, and the international backlash that would ensue from such a move would kill the attempt at the earliest stages. Barring some sort of blackmail, the only remedy Buhari would have against Emefiele would be to refuse to extend his tenure for another term, but this isn't something a central banker with any principles would be worried about. Unfortunately for 180 million Nigerians, Emefiele is not such a man of principle. 71 Likes 5 Shares |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by RomeSankara: 8:12pm On Sep 26, 2017 |
Desyner:Yes we were ..was Ur life not better then ..couldn't you buy brand new things..Nigeria was actually better then 40 Likes 3 Shares |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by olamil34(m): 8:12pm On Sep 26, 2017 |
**puts hand on friends shoulder and whispers** i see thieves everywhere 12 Likes |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by Paperwhite(m): 8:12pm On Sep 26, 2017 |
And the subtle corruption continues while the propaganda anti-corruption fight is still loudest.So much moral burden for the government of change.Where are the zombified defenders of the corruption-riden APC government? Of course one will never find them on thread like this. 31 Likes 3 Shares |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by Nobody: 8:28pm On Sep 26, 2017 |
Is it not curious that the international community did not celebrate the fact that the National Bureau of Statistics declared that Nigeria is out of recession? Why are foreign investors shying away from Nigeria? The fact is the government can succeed in deceiving a lot of gullible Nigerian Zombies but the international communities knows better.......Our economy is moving on the fast lane to disaster........Thanks to incompetency and insincerity of this present government......Time we tell 51 Likes 3 Shares |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by Blue3k(m): 8:34pm On Sep 26, 2017 |
omohayek: It's the logical thing to do but they don't want backlash of high inflation or selling assets. They would rather drain their reserves to have high naira value. I honestly gave up on them in that respect after listening Mr. Emefiele talk down on it. It's always weird story with privatization. Everyone know government is trash at managing refineries but we can sell it because nationalis lose heads. We can't concessions it because either because of buhari. They would rather load up on debt crowd out. Then pry private sector covers their short fall. 4 Likes |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by omohayek: 8:44pm On Sep 26, 2017 |
Blue3k:But thanks to this cowardice Nigeria has now suffered the worst of both worlds, high inflation and the first recession in 25 years. Russia did most of the right things, and despite also having to deal with Western sanctions (because of the Crimean invasion) Russia has neither suffered Nigerian levels of inflation nor Nigeria's radical economic slowdown. As for the privatization thing, I know I sound like a broken record on this, but Buhari's refusal to do anything about it can't be understood without thinking about the ethnic angle. There's a reason why the only other Northerner to rule since 1999 was also strongly opposed to privatization: Nigeria's bloated public sector, with its "federal character" obligations and whatnot, provides a huge source of patronage to northern politicians, and privatization would mean all these northerners would be forced to compete with their southern counterparts purely on the basis of merit - and there's no question what that would mean in terms of who gets employed and at what levels. The degree to which the Nigerian state is rigged to favor Northern interests is easy to underestimate if one just looks at federal allocations. One of the consequences of the northern inability to compete on the private sector's level playing field is that northern elites aren't all that bothered about losing out on the opportunities a stronger private sector would provide. After all, it's not as if most of them would be in any position to take advantage of said opportunities, so why should they care? 55 Likes 5 Shares |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by kn23h(m): 8:48pm On Sep 26, 2017 |
omohayek: Gbam. 17 Likes |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by Nobody: 9:08pm On Sep 26, 2017 |
But where is lalasticlala sef 1 Like |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by blackfase(m): 9:08pm On Sep 26, 2017 |
Mr Integrity my behind.... bs! 3 Likes |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by Integrityfarms(m): 9:09pm On Sep 26, 2017 |
.... Government of integrity indeed.... ... Only the zombies are blinded 16 Likes |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by Saaruman(m): 9:09pm On Sep 26, 2017 |
vegetable is really pighting kworoption that man is just a ghost in aso rock, totally useless. I said it! The monumental degree of corruption under vegetable's govt will make the devil look like a born again saint. 29 Likes |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by nairavsdollars(f): 9:11pm On Sep 26, 2017 |
J |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by WowSweetGuy(m): 9:11pm On Sep 26, 2017 |
Buhari and Aisha are really embezzling heavy through CBN and EFCC trust me 26 Likes |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by Nobody: 9:11pm On Sep 26, 2017 |
Tell me more. This thing looooong mehn. Who is stealing the money is what i need to know. 1 Like |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by jerryunit48: 9:12pm On Sep 26, 2017 |
We Tell una say Buhari no sabi una no hear oya make una enjoy the change o 17 Likes |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by dflking: 9:12pm On Sep 26, 2017 |
Seun u dey sleep.... U type bank 2 times 4 Likes
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Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by AyoSammyTunDe(m): 9:14pm On Sep 26, 2017 |
A |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by Nobody: 9:14pm On Sep 26, 2017 |
Pls who has dat michael jordan laugh gif abeg 6 Likes |
Re: Central Bank Bank Illegally Funnels Huge Cash To FG - Premium Times by obonujoker(m): 9:14pm On Sep 26, 2017 |
Buhari is a thief..... 8 Likes |
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