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/

Haha true

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.

is buhari having farm dat will supply us all a food on our table?

Like sey him know wetin be foreign exchange....mtchew

encriagona:
is buhari having farm dat will supply us all a food on our table?

He wants you to eat RUGA products

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.

This man sha want want to control every sector in d country,he still think like a soldier,u have the judiciary, legislative, executive,is that not enough,what else does he want,on top all that,there will always still be someone to blame for the failure.well

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!

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!

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!

As if he reads papers

Na only BBC Hausa..

Bubu right now:if u like talk from morning till night,I remain the

FRESIDENT UP ZI PEDERATION

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!

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!

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.

Barondenigeria:


You clearly have no formal education!

Na informal education I get, Olodo.

When I think of how Nigeria would have soared with brilliant minds like Moghalu, Adeshina, Ngozi & Co. running her affairs, I'm moved to tears.

What we have now is a government of the Imbeciles, by the Imbeciles, and for the Imbeciles.

Hmmmm....

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

Terrible decision.

But what do you expect from Buhari?

Fool. Is the central bank an entity of a parastatal of Federal Republic of Nigeria?

Exactly when you have a clueless president and follows only the direction of the cabal winds...I'm not even sure the president understands anything anymore ..Nonsense

You are advising a brain lost Idioot

buhari and apc wanna ctrl everything... i curse those who brought this nonsense upon us

CBN is an independent body, you say? I laugh. This is a fall out of ministerial [b]dis[/b]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 .

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

OK. We are watching!

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Wasting your time and energy, the President no dey listen, him no dey read, haba how many times dem go tell una? Amaechi over to you, tell them again

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.

Hmmm

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!

This buhari’s decision lacks sincerity. They may take this decision today, and start to release money secretly tomorrow. The same thing they said about fuel subsidy, now subsidy is back.