Kaduna State Governor, Nasir el-Rufai, аt a ѕресiаl edition roundtable organised bу Women in Business, a non-profit women advocacy organisation, in Abuja yesterday. The Governor was not happy with the CBN policies that has grounded the economy in his views.


Hе ѕаid оnlу thоѕе whо dоn't operate genuine business соuld successfully operate undеr thе сurrеnt fiscal policy atmosphere.
Hе said:

“We hаvе a Central Bank thаt hаѕ аn MPR аt - what?- 14% аnd banks lending аt 20%. Onlу traders аnd drug dealers саn make money аt thiѕ interest rate.

“I hаvе ѕаid it bеfоrе аnd I will repeat it again, unlеѕѕ thе Central Bank аnd thе banking system make a conscious decision tо bring interest rate down, оnе day wе wоuld legislate it.”

Source: http://www.inticasty.com/2016/08/governor-el-rufai-accuses-cbn-of.html

Oh so they have started blaming themselves? Oh! No! The CBN gov is the last man standing from past govt. So they must call him out.

But, the CBN has little to do in this regard when the naira is in free fall. When prices of all commodities in the country is looking skywards. When the govt has taken pride to hoard the revenue it generates rather than reinvest.

psucc:
Oh so they have started blaming themselves? Oh! No! The CBN gov is the last man standing from past govt. So they must call him out.

But, the CBN has little to do in this regard when the naira is in free fall. When prices of all commodities in the country is looking skywards. When the govt has taken pride to hoard the revenue it generates rather than reinvest.

I'm sorry please explain what you mean by hoarding revenue?? FAAC shared N559B last month, the highest in about 2 years. This was shared to all states and lgs, so how are they hoarding? They've given bailout to states, they're going to give another round of bailout where's the hoarding? They've started releasing money for capital projects, where's the hoarding. There are too many things you can criticize this government on and I'll agree not hoarding revenue, I'm not even sure what that means. Where's the revenue coming from?

Now to CBN, can we not always make everything political and just focus on what's good for us? This same El-Rufai has spoken about his mistrust for the people around Buhari so lets just put "because cbn governor is from past administration" aside. Apart from the point the governor raised, in a country where we're in a desperate need for forex, the cbn restricted transfer of money to the country. The services people have been used to for years all if a sudden blocked. We're desperately looking for forex anyhow we can get it and you do that. Can you please explain the rationale behind that? They ordered this suspension without any explanation. Those in the diaspora that we're supposed to be seriously courting and making life easier for them with regards sending money home, we make more difficult. That to me is an evidence of the cbn's role in this mess. Now this isn't me saying they're solely responsible but they're a huge part of it.

Then Naira is in free fall because our currency isn't worth much. Oil isn't worth much nowadays, our currency follows suit. When we diversify, then we can talk about real appreciation of Naira. When the demand for $$$ can match our revenue in $$$ then we can discuss stopping this freefall. Diversification, less dependence on foreign products and increasing our forex earning which all goes hand in hand is the solution and not because someone is somewhere hoarding.

The 3+tn naira they claim had been mopped up from the economy through TSA