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The Marginalization; The Lies And The APC Culprit - Politics (4) - Nairaland

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Re: The Marginalization; The Lies And The APC Culprit by FriendNG: 1:28pm On Jun 04, 2017
dragonking2:
Good, this is what i want.

Now, back to the main point of your claim to osibanjo as the one who devalued the naira. Osibanjo wasnt the one who appointed the cbn governor yet you accuse him of devaluing the naira. Yes, it is agreed that it was under his watch that the naira was devalued but it was also under buhari watch that the budget was padded which is my point.

Yes he wasn't the one who appoint neither Buhari but the fact remains A currency of the Nation cannot be devalued by the CBN governor whatsoever without the approval of the Presidency. The CBN governor is answerable directly to the President, not even the ministry of finance

If he dared devalue the Naira without approval of the Presidency, that's the end of his carrier.


As for your lame excuse of the the cbn governor being appointed by the president, you forgot that the officials from the budget office whom padded the 2016 budget are also appointed by president buhari. So your claim of appointment is totally baseless and flawed.

See here;

https://www.naij.com/760106-breaking-buhari-kicks-184-top-officials-budget-padding.html

https://www.naij.com/997565-president-buhari-fires-22-top-federal-officials-budget-padding-drama.html

Now, I ask again, according to your analogy, Osibanjo was the one who devauled the naira because it was done under his watch and also because the CBN governor is an appointee of the president.
If thats so, is Buhari responsible for the budget padding of 2016 as it was also done under his watch and was carried out by his appointees in the budget office? Yes or No?



Good you catch yourself. The budget was padded against the order of the President and he kick 180 people involved in it. That shows he did not approve it. Hence he corrected the padding.


What of the Naira devaluation: What's it against the wish of the Acting President? No He is the one who even approved it.
Re: The Marginalization; The Lies And The APC Culprit by dragonking2: 2:05pm On Jun 04, 2017
FriendNG:


Yes he wasn't the one who appoint neither Buhari but the fact remains A currency of the Nation cannot be devalued by the CBN governor whatsoever without the approval of the Presidency. The CBN governor is answerable directly to the President, not even the ministry of finance

If he dared devalue the Naira without approval of the Presidency, that's the end of his carrier.
To the bolded, now how can you prove that Osinbajo approved the devaluation of the naira?

This article below shows clearly that Buhari was angry with the CBN over the devaluation as I have always pointed out.

http://www.vanguardngr.com/2016/06/economy-buhari-angry-cbn-naira-devaluation-says-policy-not-helpful/

FriendNG:

Good you catch yourself. The budget was padded against the order of the President and he kick 180 people involved in it. That shows he did not approve it. Hence he corrected the padding.


What of the Naira devaluation: What's it against the wish of the Acting President? No He is the one who even approved it.

How I take catch myself.
You are the
one kicking yourself. The problem with you is that you are trying so hard to absolve Buhari of any blame while shifting the whole blame on osinbanjo. The budget wasn't padded against the order of the President rather the padded budget was adjusted due to udoma who raised alarm about the padded budget that lead to the recall of the signed budget before making some minor adjustments to the padded budget. The sack of 20 persons involved is just to save face. At the end of the day, the budget was still padded with minor adjustments.

However as calls continue to mount for the resignation of the speaker, a section of Nigerians have also accused the presidency of culpability in the budget scandal.
They alleged that since the padded budget was signed by President Buhari, morality beckons on both the speaker the president to resign over the scandal

https://www.naij.com/926442-budget-padding-controversy-buhari-implicated.html

Buhari due to his crass ignorance had already signed the padded budget before withdrawing it to save face due to the controversies that emanated from it.

http://mobile.reuters.com/article/idUSKCN0UV11K

https://www.thecable.ng/buhari-writes-senate-on-withdrawal-of-budget-2016

Now, can you provide any evidence or proof that Osinbajo signed and approved the devaluation of the naira which was carried out by the CBN which eventually lead to the devaluation of the naira ? We need that to move to the next point and don't bring that useless screenshot of Buhari hands over, we need atleast an article saying that Osinbajo approved the devaluation of the naira
Re: The Marginalization; The Lies And The APC Culprit by FriendNG: 2:38pm On Jun 04, 2017
dragonking2:

To the bolded, now how can you prove that Osinbajo approved the devaluation of the naira?

This article below shows clearly that Buhari was angry with the CBN over the devaluation as I have always pointed out.

http://www.vanguardngr.com/2016/06/economy-buhari-angry-cbn-naira-devaluation-says-policy-not-helpful/


Do you want him to say He was angry with Osinbanjo? Hell no.

The CBN convince Osinbanjo as the leader of the economic team and also as Acting President.


How I take catch myself.
You are the
one kicking yourself. The problem with you is that you are trying so hard to absolve Buhari of any blame while shifting the whole blame on osinbanjo. The budget wasn't padded against the order of the President rather the padded budget was adjusted due to udoma who raised alarm about the padded budget that lead to the recall of the signed budget before making some minor adjustments to the padded budget. The sack of 20 persons involved is just to save face. At the end of the day, the budget was still padded with minor adjustments.



https://www.naij.com/926442-budget-padding-controversy-buhari-implicated.html

Buhari due to his crass ignorance had already signed the padded budget before withdrawing it to save face due to the controversies that emanated from it.

http://mobile.reuters.com/article/idUSKCN0UV11K

https://www.thecable.ng/buhari-writes-senate-on-withdrawal-of-budget-2016.


Whatever whether Udoma or this that raised alarm doesn't change the fact it wasn't the President who approve padding dax y he kick the offenders in his cabinet but leave the Senators and Rep because they are independent.



Now, can you provide any evidence or proof that Osinbajo signed and approved the devaluation of the naira which was carried out by the CBN which eventually lead to the devaluation of the naira ? We need that to move to the next point and don't bring that useless screenshot of Buhari hands over, we need atleast an article saying that Osinbajo approved the devaluation of the naira


We don't need any article. Wasn't he incharge of the Economy as well as the Acting President when the Naira was devalued ? The CBN is answerable to Hus office and must communicate to the Presidency before they can devalue it.

No matter how you wanted it to look it won't work. The Naira cannot devalue itself and the CBN governor cannot do so either except with Presidency approval.

Are you telling me, CBN governor just devalue the Naira by himself without the authorization of the Presidency? If yes tell me, if no who is he answerable too at the time of devaluation?
Re: The Marginalization; The Lies And The APC Culprit by FriendNG: 2:55pm On Jun 04, 2017
Why I won't devalue Naira – Buhari - Daily Trust

https://www.dailytrust.com.ng/news/general/why-i-won-t-devalue-naira-buhari/134578.html

I won’t devalue Naira, Buhari insists

http://www.vanguardngr.com/2016/02/i-wont-devalue-naira-buhari-insists-2/



This is enough to tell you the Presidency decide whether or not the Naira should be devalued and not solely CBN
Re: The Marginalization; The Lies And The APC Culprit by dragonking2: 5:09pm On Jun 04, 2017
FriendNG:


Do you want him to say He was angry with Osinbanjo? Hell no.

The CBN convince Osinbanjo as the leader of the economic team and also as Acting President.



Whatever whether Udoma or this that raised alarm doesn't change the fact it wasn't the President who approve padding dax y he kick the offenders in his cabinet but leave the Senators and Rep because they are independent
It didn't change the fact that he signed a padded budget. QED.
So, buhari is the one who padded the budget according to you. Simple. You saw the part I provided calling for buhari to resign over it because he signed a padded budget.


We don't need any article. Wasn't he incharge of the Economy as well as the Acting President when the Naira was devalued ? The CBN is answerable to Hus office and must communicate to the Presidency before they can devalue it.

No matter how you wanted it to look it won't work. The Naira cannot devalue itself and the CBN governor cannot do so either except with Presidency approval.

Are you telling me, CBN governor just devalue the Naira by himself without the authorization of the Presidency? If yes tell me, if no who is he answerable too at the time of devaluation?

Of course you don't need any article, same way buhari padded the budget. You can't use a pattern for someone and then change the pattern for another. Buhari signed a padded budget, hence he is the one who padded the budget? His hands are involved in the budget padding.
Re: The Marginalization; The Lies And The APC Culprit by dragonking2: 5:45pm On Jun 04, 2017
FriendNG:
Why I won't devalue Naira – Buhari - Daily Trust

https://www.dailytrust.com.ng/news/general/why-i-won-t-devalue-naira-buhari/134578.html

I won’t devalue Naira, Buhari insists

http://www.vanguardngr.com/2016/02/i-wont-devalue-naira-buhari-insists-2/



This is enough to tell you the Presidency decide whether or not the Naira should be devalued and not solely CBN

According to this link which I have provided before

http://www.vanguardngr.com/2016/06/economy-buhari-angry-cbn-naira-devaluation-says-policy-not-helpful/

"The Central Bank of Nigeria (CBN) Wednesday announced what it termed the “automatic adjustment mechanism of the exchange rate” in a flexible foreign exchange regime aimed at reducing the pressure on the Naira.

CBN has been under immense pressure to devalue the Naira for a while, which has been resisted by both the monetary and fiscal authorities, claiming that past devaluations did not benefit the economy- which is import dependent.

Mr. Emefiele said, “The Central Bank of Nigeria has always maintained that it would continue to monitor situations on the ground and ensure that the Bank’s policies reflect these facts and developments rather than the sentiments of any groups or sectors.

“It is in light of this principle that we now believe that the time is right to restore the automatic adjustment mechanism of the exchange rate with the re-introduction of a flexible inter-bank exchange rate market.
“The workings of this market will be consistent with the Bank’s objectives of enhancing efficiency and facilitating a liquid and transparent Foreign Exchange Market."

Now, when the CBN proceeds to restore the flexible exchange rate market as explained above, why then is Osinbajo blamed for the "devaluation" when it's the fiscal and executive authorities working with the monetary authorities? I hope you know that exchange rates are maintained by an independent Central Bank? I also hope you Note that the CBN can also act independently.


In an interview with Bloomberg Television Africa, on the sidelines of the World Economic Forum in Davos, Switzerland, Sanusi said maintaining the independence of the bank will be a major challenge that his successor will have to contend with, saying that it is important for a strong individual to be appointed to head the bank, due to the critical role it plays in the development of the country.

He said, “Any undermining of the CBN’s independence may hurt the economy. If anyone tampers with it, the markets would punish the economy.

“The CBN is a very strong institution that needs a strong leader and I think one of the things we have achieved over the last four or five years is to show that we can have an independent Central Bank in Africa.
This is enough to let you know that the CBN can also act independently.

Now here is sanusi stating categorically that he refuses to devalue the naira which shows that he can if he wanted to as CBN governor.

In another interview with Reuters Global Markets Forum, Sanusi ruled out further devaluation of the currency, saying that the apex bank would continue to pursue a stable exchange rate policy as long as the foreign reserves can support.

http://www.vanguardngr.com/2014/01/nigerias-economy-danger-without-cbn-autonomy-sanusi/

This shows that the CBN is independent and can act independently too.
Re: The Marginalization; The Lies And The APC Culprit by FriendNG: 5:56pm On Jun 04, 2017
[s]
dragonking2:


According to this link which I have provided before

http://www.vanguardngr.com/2016/06/economy-buhari-angry-cbn-naira-devaluation-says-policy-not-helpful/



Now, when the CBN proceeds to restore the flexible exchange rate market as explained above, why then is Osinbajo blamed for the "devaluation" when it's the fiscal and executive authorities working with the monetary authorities? I hope you know that exchange rates are maintained by an independent Central Bank? I also hope you Note that the CBN can also act independently.



This is enough to let you know that the CBN can also act independently.

Now here is sanusi stating categorically that he refuses to devalue the naira which shows that he can if he wanted to as CBN governor.



http://www.vanguardngr.com/2014/01/nigerias-economy-danger-without-cbn-autonomy-sanusi/

This shows that the CBN is independent and can act independently too.
[/s]


Go and believe what You want to believe but history won't change Osinbanjo devalue Nigerian Naira.

1 Like

Re: The Marginalization; The Lies And The APC Culprit by dragonking2: 5:59pm On Jun 04, 2017
More to show that the CBN can act and has acted independently even in the past

For example, although the CBN has been widely praised for its decisive handling of Nigeria's 2008‑09 banking crisis, many of its actions to rescue ailing banks and restore financial stability drew criticism from different quarters in the country. Nigeria's lawmakers were furious that the regulator bailed out nine undercapitalised banks with a total of N620bn (US$4.2bn) without first seeking parliament's approval

http://country.eiu.com/article.aspx?articleid=591606243&Country=Nigeria&topic=Economy
Re: The Marginalization; The Lies And The APC Culprit by dragonking2: 6:01pm On Jun 04, 2017
FriendNG:



Go and believe what You want to believe but history won't change Osinbanjo devalue Nigerian Naira.
Which history? The one you want to falsely create? Lol, abi you want to change stance again. grin
Provide the proof that Osinbajo approved and signed for the devaluation of the naira when we have an independent Central Bank.
So Buhari getting angry with the CBN was in order.

You know nothing.
Re: The Marginalization; The Lies And The APC Culprit by FriendNG: 6:02pm On Jun 04, 2017
dragonking2:
Lol, you want to change stance again. grin
Provide the proof that Osinbajo approved and signed for the devaluation of the naira when we have an independent Central Bank.
So Buhari angry with the CBN was in order.

You know nothing.

Agreed I don't know anything if that will make you happy. But Osinbanjo devalued the Naira.
Re: The Marginalization; The Lies And The APC Culprit by dragonking2: 6:04pm On Jun 04, 2017
FriendNG:


Agreed I don't know anything if that will make you happy. But Osinbanjo devalued the Naira.
Said by you and only you.

You are entitled to your pathetic opinion but that doesn't make it true or right.
Re: The Marginalization; The Lies And The APC Culprit by FriendNG: 6:09pm On Jun 04, 2017
dragonking2:
Said by you and only you.

You are entitled to your pathetic opinion but that doesn't make it true or right.

No Not me. Even Osinbanjo agreed He was the acting President when the Naira was devalued. The CBN cannot devalue Naira without approval of the Presidency. That's y Buhari refuse to allow CBN to devalue the Naira 2015, but Osinbanjo on his capacity as the leader of the economic team as well as the Acting President allow the devaluation.


Osinbanjo devalued the Naira and that cannot be change.
Re: The Marginalization; The Lies And The APC Culprit by dragonking2: 6:36pm On Jun 04, 2017
FriendNG:


No Not me. Even Osinbanjo agreed He was the acting President when the Naira was devalued. The CBN cannot devalue Naira without approval of the Presidency. That's y Buhari refuse to allow CBN to devalue the Naira 2015.


Osinbanjo devalued the Naira and that cannot be change.
Lol, I have shown you evidences that the CBN can act independently, so all these your merry go round is becoming pathetic.

You talk about Buhari refusing to devalue the naira, meaning that the CBN wanted to devalue the naira, and it can which was done.

So how come sanusi as CBN governor could bail out banks to the tune of N640bn without approval of the president? How come he refused devaluation even when pressurized as CBN governor ?

It is obvious that it is your opinion since you are pained, and you are entitled to your opinion.
Re: The Marginalization; The Lies And The APC Culprit by FriendNG: 6:38pm On Jun 04, 2017
dragonking2:
Lol, I have shown you evidences that the CBN can act independently, so all these your merry go round is becoming pathetic.

You talk about Buhari refusing to devalue the naira, meaning that the CBN wanted to devalue the naira, and it can which was done.

So how come sanusi as CBN governor could bail out banks to the tune of N640bn without approval of the president? How come he refused devaluation even when pressurized ?




You have give no proof. CBN cannot and I repeat can never devalue Naira without approval of the presidency.

And the man who approve the devaluation was no one but Osinbanjo the acting president while Buhari is on vacation.
Re: The Marginalization; The Lies And The APC Culprit by dragonking2: 7:28pm On Jun 04, 2017
FriendNG:




You have give no proof. CBN cannot and I repeat can never devalue Naira without approval of the presidency.

And the man who approve the devaluation was no one but Osinbanjo the acting president while Buhari is on vacation.

Here is proof that the CBN can decide whether to devalue the naira without approval of the president.

In another interview with Reuters Global Markets Forum, Sanusi ruled out further devaluation of the currency, saying that the apex bank would continue to pursue a stable exchange rate policy as long as the foreign reserves can support.

http://www.vanguardngr.com/2014/01/nigerias-economy-danger-without-cbn-autonomy-sanusi/

This shows that the CBN is independent and can act independently too.

I ask, how come the ex CBN governor granted bail out funds to the tune of N640bn without approval of the president? How come they can make decisions on MPC without the approval of the president? How come the ex CBN governor refused to devalue the naira despite being pressurized?
Re: The Marginalization; The Lies And The APC Culprit by FriendNG: 8:26pm On Jun 04, 2017
dragonking2:


Here is proof that the CBN can decide whether to devalue the naira without approval of the president.



http://www.vanguardngr.com/2014/01/nigerias-economy-danger-without-cbn-autonomy-sanusi/

This shows that the CBN is independent and can act independently too.

I ask, how come the ex CBN governor granted bail out funds to the tune of N640bn without approval of the president? How come they can make decisions on MPC without the approval of the president? How come the ex CBN governor refused to devalue the naira despite being pressurized?


It doesn't change the fact that the Presidency must agree to it b4 it can be devalued.

I won't devalue naira, Buhari insists – Punch
Newspapers


http://punchng.com/35587-2/

That also doesn't change the fact it is Osinbanjo who devalued the Naira as the leader of the economic team and as well as the Acting President.
Re: The Marginalization; The Lies And The APC Culprit by dragonking2: 8:34pm On Jun 04, 2017
FriendNG:



It doesn't change the fact that the Presidency must agree to it b4 it can be devalued.

I won't devalue naira, Buhari insists – Punch
Newspapers


http://punchng.com/35587-2/

That also doesn't change the fact it is Osinbanjo who devalued the Naira as the leader of the economic team and as well as the Acting President.
Now, you have resorted to repeating yourself because you cannot counter the fact and points I raised.

You are entitled to your own opinion but nobody cares.
Re: The Marginalization; The Lies And The APC Culprit by dragonking2: 8:54pm On Jun 04, 2017
@FriendNG

Nobody is disputing the fact that it was under osinbajo watch that the naira was devalued but it was done by the cbn.

The CBN governor is responsible for the devaluation of the naira not osibanjo. #fact

The current CBN governor has previously devalued the naira in 2014 without any approval from the president. Same way he increased the interest rate benchmark from 12 per cent to 13 per cent in 2014.

Here is more prove to my claim;

The Central Bank of Nigeria, yesterday, devalued the national currency, the Naira, as it moved the midpoint of the official window of the foreign exchange market from N155 to N168 to the one US Dollar. This means that the Naira will exchange between N168 and N174 to the dollar at the foreign exchange market. Official devaluation of the naira became inevitable as a result of reduction in government revenue from oil production and sales. The devaluation will increase the volume of Naira available to the federation account and to various levels of government to prosecute their local programmes.
Justifying the devaluation, Mr. Emefiele noted that there had been a consistent devaluation at the interbank and BDC segments of the forex market and that in spite of exclusion of some items from being funded through forex from those markets, the demand pressure continued, necessitating more far-reaching measures to ensure stability of the exchange rate. His words: “The depreciation at both the interbank and the BDC segments largely reflected recent demand pressures arising from falling oil prices and dwindling external reserves. As part of the demand management measures, the Bank in two recent circulars excluded certain import items from the rDAS window.

Read more at: http://www.vanguardngr.com/2014/11/cbn-devalues-naira-now-n168-dollar/

Re: The Marginalization; The Lies And The APC Culprit by dragonking2: 8:56pm On Jun 04, 2017
Saying that because it was under osinbanjo watch that the naira was devalued hence he is the one that devalued the naira is laughable as it was under buhari's watch that the padded budget was done and signed. So that mean Buhari padded the budget according to this analogy?

What a falacy.
Re: The Marginalization; The Lies And The APC Culprit by dragonking2: 8:59pm On Jun 04, 2017
Emefile had devalued the naira before in 2014, there was no osinbanjo to blame then.

Emefiele Explains Four Reasons Why The CBN Devalued The Naira

The CBN Monetary Policy Committee agreed to devalue the naira back in November following massive pressures that have had the naira depreciate at the interbank and the parallel markets. The decision came as no surprise to most analysts as the CBN had little options at its disposal. Whilst the committee communique contained various factors that shaped up their decisions, the CBN Governor still deemed it fit to explain to his fellow bankers why they agreed to devalue. He gave his reasons at the Annual Banker’s Dinner organized by the CIBN as reported by the Nation. These were the key reasons I noted (I highlighted his quotes in blue).

1. Forces of Demand and Supply

In explaining the difficulties in managing exchange rate stability, the CBN boss raised a poser: “What then can a Central Bank do to react to such a situation of falling reserves and pressurised exchange rates? One course of action would be to continue to deplete the foreign exchange reserves in trying to keep the official rate at a stable level. But there are several difficulties with this option.”

Firstly, he said regardless of its critical nature in an import-dependent country such as Nigeria, the exchange rate operates like any other ‘price’ in the market.

The dollar/naira exchange rate is simply the ‘price’ of dollars in naira. The forces of demand and supply, he said, determine its movement. “When demand rises, the price rises. When supply falls, the price also rises as well. In recent times, Nigeria has faced a perfect storm of simultaneous dwindling supply of dollars and rise in demand. Both forces have led to a rise in the price of dollars, that is, significant reduction in supply of dollars to the market, even with constant output of crude oil production,” he said.

2. End of Quantitative Easing in the US

The other global factor, which has significantly reduced the supply of dollars in the market, is related to the end of Quantitative Easing by the U.S Federal Reserve. At the height of the programme, the Federal Reserve was supplying a total of about $85 billion into the United States (U.S) economy on a monthly basis, through asset purchases. This programme came to an end in October this year, thereby significantly reducing the supply of U.S dollars in the global economy.

3. Combination of QE and Fall in Crude Prices affected most world currencies

The third difficulty, which has contributed to the continuing depletion of Nigeria’s foreign reserves, and its capacity to defend the naira is that the combination of a fall in oil prices and the end of the Quantitative Easing programme by the U.S Federal Reserve have led to a depreciation of most currencies in the world against the dollar. Emefiele said an analysis of the year-on-year change in the exchange rate of 26 Emerging Market countries (including Brazil, China, India, South Africa, Turkey, Mexico, and Nigeria) indicates that their currencies have depreciated by about 8.1 per cent on average against the dollar.

4. US Led Sanctions Against Russia

Also, he said the current U.S-led sanctions against Russia for its alleged role in the ongoing Ukrainian crisis do not appear to be abating anytime soon. More also, current negotiations between Western powers and Iran could end in a deal that may open up Iranian oil supply lines to more parts of the global economy, a development that is likely to depress prices even further.

He explained that it was on the basis of these analyses and realities, the CBN reached the decision that it would be sub-optimal to indefinitely continue to deplete the country’s foreign reserves in defending the naira.

http://nairametrics.com/emefiele-explains-four-reasons-why-the-cbn-devalued-the-naira/

cc; FriendNG

Re: The Marginalization; The Lies And The APC Culprit by FriendNG: 9:17pm On Jun 04, 2017
Nope. There is no way Fashola will construct a road and you will say it is work of Fashola and not Buhari.


So ain't buying the crap you're writing. Osinbanjo devalued the Naira.

CBN is answerable to the Presidency, they write to the Presidency before carrying a task like devaluation.

Ameachi is responsible for Abuja airport repairs and not Buhari.

Burutai is responsible for buying arms and not Buhari.


When the Naira collapse is CBN but when it gain it is Osinbanjo Abi?


Continue to look for where Osinbanjo use his hand sign it or article that says he is the one.

1 Like

Re: The Marginalization; The Lies And The APC Culprit by dragonking2: 9:48pm On Jun 04, 2017
FriendNG:
Nope. There is no way Fashola will construct a road and you will say it is work of Fashola and not Buhari.


So ain't buying the crap you're writing. Osinbanjo devalued the Naira.

CBN is answerable to the Presidency, they write to the Presidency before carrying a task like devaluation.

Ameachi is responsible for Abuja airport repairs and not Buhari.

Burutai is responsible for buying arms and not Buhari.


When the Naira collapse is CBN but when it gain it is Osinbanjo Abi?


Continue to look for where Osinbanjo use his hand sign it or article that says he is the one.
So you are saying that osinbanjo was handed power for just 11 days and he renegaded against buhari? Lol grin

The difference is that the CBN can act independently unlike the ministers you mention.

The CBN doesnt need the presidency before they raised lending rate to 13%. Do they?

The Ex CBN governor didnt need the president approval before granting bailout funds to the tune of N640bn. Why? Please tell us.

The current CBN governor had previously devalued the naira in 2014 without approval from the president. So why cant he do same now?

The CBN can only inform the president and the public about their plans but doesnt "soley" need the president approval before it can be done.

See proof again that the CBN had previously announced in May 2016 that it will devalue the naira long before Buhari travelled out or handled power to osinbanjo

Governor of the CBN, Mr. Godwin Emefiele Tuesday officially announced the introduction of a flexible foreign exchange rate regime that would effectively devalue the naira against the United States dollar at the official window.

The governor, who announced this during a briefing at the end of the Monetary Policy Committee (MPC) meeting at the CBN headquarters in Abuja, said he would give details of the flexible forex regime in a few days.

Authoritative sources with knowledge of the development told THEWILL that the CBN would set the new exchange rate at N250 – $1 from its current about N198 – $1 regime.

“The MPC (Monetary Policy Committee) voted unanimously to adopt a flexible exchange rate policy to restore the automatic adjustment properties of the exchange rate,” Emefiele said, adding that the “bank would retain a small window for funding critical transactions” and that “details of operations of the market would be released by the central bank at the appropriate time”

https://thewillnigeria.com/news/exclusive-nigeria-to-officially-devalue-naira-to-n250-1/

Re: The Marginalization; The Lies And The APC Culprit by dragonking2: 9:50pm On Jun 04, 2017
@FriendNG, I understand that your constant repetition of the same statement by you is to save your face but there is nothing you can offer anymore as a counter.

Thank you all for viewing.
Re: The Marginalization; The Lies And The APC Culprit by FriendNG: 9:57pm On Jun 04, 2017
No. You rather have nothing to offer. I am not saving any face.


Osinbanjo devalued the Naira as the leader of the Nigerian Economic Team as well as the acting President.

CBN is answerable to the office of the President. The currency of a nation can never be devalued without the approval of the president.

You have fail in your defense. Devaluation of Naira was done by Yemi Osinbanjo as the acting President when Buhari is absent.


When the Naira falls it is CBN governor but when it gains it is the acting President. We are not foolish.

1 Like

Re: The Marginalization; The Lies And The APC Culprit by dragonking2: 10:19pm On Jun 04, 2017
FriendNG:
No. You rather have nothing to offer. I am not saving any face.


Osinbanjo devalued the Naira as the leader of the Nigerian Economic Team as well as the acting President.

CBN is answerable to the office of the President. The currency of a nation can never be devalued without the approval of the president.

You have fail in your defense. Devaluation of Naira was done by Yemi Osinbanjo as the acting President when Buhari is absent.


When the Naira falls it is CBN governor but when it gains it is the acting President. We are not foolish.
You keep on repeating yourself. Come up with something new if you really have a point. I am glad that everyone is viewing.

As for the bolded in black, same was said when there was constant light in 2015 buhari was praised but when there was darkness you all blamed GEJ.

Abeg, you no get talk.
Re: The Marginalization; The Lies And The APC Culprit by FriendNG: 10:43pm On Jun 04, 2017
dragonking2:
You keep on repeating yourself. Come up with something new if you really have a point. I am glad that everyone is viewing.

As for the bolded in black, same was said when there was constant light in 2015 buhari was praised but when there was darkness you all blamed GEJ.

Abeg, you no get talk.

Yeah everyone is viewing my fact and your lies.
Re: The Marginalization; The Lies And The APC Culprit by dragonking2: 10:50pm On Jun 04, 2017
FriendNG:


Yeah everyone is viewing my fact and your lies.
Lol, what fact. Tell us. Or should I say, start repeating yourself. That's what you have done throughout the thread.
Re: The Marginalization; The Lies And The APC Culprit by FriendNG: 11:54pm On Jun 04, 2017
dragonking2:
Lol, what fact. Tell us. Or should I say, start repeating yourself. That's what you have done throughout the thread.


The truth don't have part 2. That's Y I repeat the truth. But you're posting are not point that justify ur claims.

The truth is clear against falsehood. Osinbanjo as the acting President devalued the Naira.
Re: The Marginalization; The Lies And The APC Culprit by dragonking2: 6:40am On Jun 05, 2017
FriendNG:


The truth don't have part 2. That's Y I repeat the truth. But you're posting are not point that justify ur claims.

The truth is clear against falsehood. Osinbanjo as the acting President devalued the Naira.
Go and sit down. You never said any truth.. You are only pointing accusing fingers without providing tangible evidence.

Like I said and I repeat, you are entitled to your pathetic opinion but that doesn't make it true.

Same way you claimed that Buhari never marginalised anyone, we all know the truth but that is still your pathetic opinion. No-one cares.
Re: The Marginalization; The Lies And The APC Culprit by FriendNG: 8:47am On Jun 05, 2017
dragonking2:
Go and sit down. You never said any truth.. You are only pointing accusing fingers without providing tangible evidence.

Like I said and I repeat, you are entitled to your pathetic opinion but that doesn't make it true.

Same way you claimed that Buhari never marginalised anyone, we all know the truth but that is still your pathetic opinion. No-one cares.


I am glad people are able to read from the beginning. You claim Buhari did not handover for once to Osinbanjo last years. You're a liar but that would not change the fact that the acting President devalued our Naira.
Re: The Marginalization; The Lies And The APC Culprit by dragonking2: 9:51am On Jun 05, 2017
FriendNG:



I am glad people are able to read from the beginning. You claim Buhari did not handover for once to Osinbanjo last years. You're a liar but that would not change the fact that the acting President devalued our Naira.
Yes, just the same way you claimed that Buhari never marginalized anyone when there is video evidence and other proof of marginalization.

You are the biggest liar ever.

You can keep ranting all you want that is your own pathetic opinion. Nobody cares.
Re: The Marginalization; The Lies And The APC Culprit by FriendNG: 10:00am On Jun 05, 2017
dragonking2:
Yes, just the same way you claimed that Buhari never marginalized anyone when there is video evidence and other proof of marginalization.

You are the biggest liar ever.

You can keep ranting all you want that is your own pathetic opinion. Nobody cares.


And you couldn't provide the marginalization when I asked you, you listed northern post and listed southern post.

Nobody is mumu to accept your video as a point not the real appointment.

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