The Presidency appears to have passed a vote of confidence on the Governor of the Central Bank of Nigeria(CBN), Mr Godwin Emefiele, following the moves by some members of the House of Representatives to remove him from office.

A Presidency source said, at the weekend, that the Federal Government has confidence in Emefiele to see the country, alongside top government officials in the economic sector, out of recession.

A motion sponsored by Hon.Ali Isa (Balanga/Billiri constituency, Gombe State), titled, “Call for investigation of the Central Bank of Nigeria’s forex policies”, last week, had called for the sack of Emefiele and his team over the fate of the Naira.

The call was supported by Hon. Mojeed Alabi, representing Ede North/Ede South/Egbedero/Ejigbo (Osun State) and Hon. Wale Raji, representing Epe (Lagos), among other lawmakers in the House.

A Presidency official, reacting to the moves, told Sunday Vanguard that President Muhammadu Buhari “is far from convinced that Emefiele is responsible for the currency crisis or the economic recession”.

“The CBN Governor briefs the President regularly on the situation, on the inflow of dollars every month and how much is being demanded by importers. The President has seen the progression and regression over the years and how the scarcity of forex is causing the sharp drop in the value of the Naira. He believes it is very unreasonable to sack Emefiele and CBN management,” said the official, who declined being named because he was not mandated to officially speak on the issue.

He added: “When oil price was $120 per barrel and we had reserves of over $60 billion, the Naira was doing well. That was when we should have checked the import dependency to grow the local economy. We did not do that. The President is not convinced that now that crude oil price is less than $50 and production has dropped drastically because of militant activities, Emefiele should be blamed for the falling Naira”.

According to the source, the President believes Emefiele has done his best in the difficult circumstances that Nigeria has found itself.

It was learnt that the CBN has made many interventions since the crisis started to stabilise the finances of states and the Federal Government.

A source at the Ministry of Finance said the CBN, acting as lender of last resort, has provided loans of over N420 billion to several states to pay workers’ salaries in the last two years, outside their statutory allocations.

Each of the 36 states has also collected N10 billion for infrastructure development, while the N350 billion “stimulus spending” recently announced by the Minister of Finance, Mrs Kemi Adeosun, was provided by the Central Bank.

“Everything you hear about agric revolution in rice is from the CBN. Kebbi alone is on track to produce one million metric tonnes this year under the CBN’s Anchor Borrowers Programme. So far, 14 states have collected huge sums for this programme to pursue other crops”, the official said.

The President is not convinced that now that crude oil price is less than $50

and production has dropped drastically because of militant activities,

blueto:
Only nitwitted tribal bigots will clamour for the sack/resignation of Emefiele without calling for the resigantion of the certificateless cattle rearer, the same Emefiele that performed excellently under GEJ is now accused of destabilising the economy.

It was the certificateless cattle rearer who intimidated and blocked the Central Bank of Nigeria from performing its statutory duties of independently responding to challenges in the foreign exchange market. By continuously making public statements that Nigeria would not adjust the exchange rate for the naira, it became difficult for the Central Bank to respond without appearing to openly defy the President. The currency market is however determined by demand and supply, not presidential fiat and the President could not sustain his populist attempt to defend the value of the naira and by the time he succumbed to economic reality, substantial damage had already been done.

It is always unwise for presidents to make direct political comments about monetary and foreign exchange policy that are solely within the purview of the Central Bank, because this could undermine the confidence of the apex bank itself and the external confidence in its independence that is an important psychological factor for market players who seek to invest in the economy. If such investors believe that the playing field is not level because political interference could shift the goal posts in an arbitrary manner, the risk of investing in such a market rises in their estimation. http://www.premiumtimesng.com/opinion/editorial/211367-editorial-buhari-helped-nigeria-recession-can-take-us.html

Buhari's antiquated and rash decisions plunged Nigeria into recession.

Trashy Trash. What about the clueless drunkard aka the ineffectual baboon that kicked a high qualified SLS just because he exposed his dirty works ?

That flat head Mr Godwin Emefiele should crawl out of this administration like a typical Flatie he is, I'm pretty sure he has a hidden agenda.


Everything that involves the Flat heads is a disaster, 100% I support House of Representatives to remove him from office.

AntiIPOOP:


Trashy Trash. What about the clueless drunkard aka the ineffectual baboon that kicked a high qualified SLS just because he exposed his dirty work ?
That flat head Mr Godwin Emefiele should crawl out of this administration like a typical Flatie he is, I'm pretty sure he has a hidden agenda




Master of Flat-heads.

blueto:
How is it a GEJ's dirty work that NNPC failed to allegedly remit $49.8 billion to the Federation account by Sanusi?

And also, I will say Sanusi deserved the suspension after deliberately leaking the letter to Amaechi who did not hesitate to disclose such Nigeria's internal affair to a delegation from the United States of America government, which was highly execrable, and he(Sanusi) lied to GEJ that he wasn't aware of who leaked the letter to Amaechi. Such was so unprofessional and unscrupulous of Sanusi.

www.nairaland.com/attachments/4334475_mumusense_jpeg0a2417e919a360bdf97e9d9c91396946 I think you need that prayer, not me.

AntiIPOOP:


Trust me, u need that prayer more, only a dumb president will sack a CBN governor without the approval of House of assembly.

The bottom line is, GEJ is a thief, the missing billions was planned in his office, the clueless one have to sack Sanusi in order to have his hitch-free access to loot the more since Lamido refused to play accordingly

AntiIPOOP:


Trashy Trash. What about the clueless drunkard aka the ineffectual baboon that kicked a high qualified SLS just because he exposed his dirty works ?

That flat head Mr Godwin Emefiele should crawl out of this administration like a typical Flatie he is, I'm pretty sure he has a hidden agenda.


Everything that involves the Flat heads is a disaster, 100% I support House of Representatives to remove him from office.




Master of Flat-heads.

blueto:
Then why is buhari failing to sack him? it means buhari has seen brilliance, diligence and integrity in him. Buhari knows deep down him that his actions and inactions plunged Nigeria into recession, not Emefiele.

Ignorance is a disease. Funny, a person who knows nothing about the economy claiming to be learned

blueto:
Stop these silly and lame pontifications, can you substantiate how on how GEJ “planned” the missing billions?

And for your information GEJ suspended sanusi, not “sack” http://www.vanguardngr.com/2014/02/jonathan-suspends-lamido-sanusi-cbn-gov/

so stop these ignorant and dumb display of yours. Like I formerly stated, you need this prayer www.nairaland.com/attachments/4334475_mumusense_jpeg0a2417e919a360bdf97e9d9c91396946

had called for the sack of Emefiele and his team over the fate of the Naira.

blueto:
How is it a GEJ's dirty work that NNPC failed to allegedly remit $49.8 billion to the Federation account by Sanusi?

And also, I will say Sanusi deserved the suspension after deliberately leaking the letter to Amaechi who did not hesitate to disclose such Nigeria's internal affair to a delegation from the United States of America government, which was highly execrable, and he(Sanusi) lied to GEJ that he wasn't aware of who leaked the letter to Amaechi. Such was so unprofessional and unscrupulous of Sanusi.

www.nairaland.com/attachments/4334475_mumusense_jpeg0a2417e919a360bdf97e9d9c91396946 I think you need that prayer, not me.

blueto:
How is it a GEJ's dirty work that NNPC failed to allegedly remit $49.8 billion to the Federation account by Sanusi?

And also, I will say Sanusi deserved the suspension after deliberately leaking the letter to Amaechi who did not hesitate to disclose such Nigeria's internal affair to a delegation from the United States of America government, which was highly execrable, and he(Sanusif) lied to GEJ that he wasn't aware of who leaked the letter to Amaechi. Such was so unprofessional and unscrupulous of Sanusi.

www.nairaland.com/attachments/4334475_mumusense_jpeg0a2417e919a360bdf97e9d9c91396946 I think you need that prayer, not me.

vengertime:
[size=20pt[s]]Buhari is always talking about OIL , even if OIL is $200/Barrel we won't allow him to touch it. The oil belongs to SS not North. We will drag him down with this OIL . He hasn't seen anything yet[/s].[/size]

blueto:
the current status of oil price is $50 per barrel http://punchng.com/oil-price-hits-50-nigerias-exports-rise/

lies, oil output has attained an immense increase despite the activities of the NDA according to the States Minister of Petroleum http://www.vanguardngr.com/2016/09/despite-militancy-oil-output-hits-1-7-bpd-kachukwu/

So considering that oil prices has been undulating between $45 to $50 per barrel, and the benchmark at $38, how much is in the Excess Crude Account?.

AntiIPOOP:


Trashy Trash. What about the clueless drunkard aka the ineffectual baboon that kicked a high qualified SLS just because he exposed his dirty works ?

That flat head Mr Godwin Emefiele should crawl out of this administration like a typical Flatie he is, I'm pretty sure he has a hidden agenda.


Everything that involves the Flat heads is a disaster, 100% I support House of Representatives to remove him from office.




Master of Flat-heads.

kropotkin2:
The oil does not belong solely to the south south but to all the citizens of the federal republic of Nigeria. If that fact hampers your ability to sleep well at night, then so be it

blueto:
Then why is buhari failing to sack him? it means buhari has seen brilliance, diligence and integrity in him. Buhari knows deep down him that his actions and inactions plunged Nigeria into recession, not Emefiele.

vengertime:
we shall see about that. God gave it to us, so it belongs to us period. Buhari will never have it , even if it's 500$ a barrel

vengertime:
we shall see about that. God gave it to us, so it belongs to us period. Buhari will never have it , even if it's 500$ a barrel