Atiku’s monetary agenda will lead to perdition, says Emefiele

 by Nduka Chiejina

 

 January 22, 2019

The Nation Newspaper

Governor of the Central Bank of Nigeria (CBN) Mr. Godwin Emefiele has warned the Peoples Democratic Party’s (PDP) presidential flag bearer’s suggestion the exchange rate should be free float is recipe for disaster that will surely lead to perdition.

Reacting to Atiku Abubakar’s criticism of the CBN and Emefiele’ management of monetary policies and his suggestion that the exchange rate should be free-floating, the CBN governor said: “The MPC reviewed it and concluded that it would be wrong. It is as good as saying that we should go back to the era of Structural Adjustment Programme (SAP) in Nigeria.

“The implication can better be imagined. It will certainly lead to capital flight, lead to massive depreciation or devaluation of the currency and ultimately to currency crisis in Nigeria and I think we should all know that it is a road to perdition to ever go in that direction.”

Addressing reporters at the end of the bi-monthly Monetary Policy Committee (MPC) meeting, the first for the year, and weeks before the general elections, Emefiele maintained: “There is no capital control in Nigeria today because you cannot find the CBN trying to intervene in the market for demand and supply of foreign exchange.”

He insisted: “We cannot be talking about allowing import of items that can be produced in the country today, exporting jobs from Nigeria to foreign countries, and we say we have the interest of Nigeria at heart?

“We don’t agree with anybody. It is a wrong premise to say that you will allow imports to just flood the country just because you want to please anybody. It is not in our interest.”

Read Also: Emefiele outlines policy thrust for 2019

Emefiele pointed out the CBN is apolitical. “We will remain apolitical. We will not want anybody to drag the central bank into issues within our remit otherwise, we would respond to it.”

The CBN governor admitted the apex bank has instructed banks to suspend interest on loans for fuel imports.

With regards to forex restrictions on imported items, Emefiele said CBN will get even more aggressive to see to it that any or all food items that can be produced in Nigeria and consumed in Nigeria and are currently being imported into Nigeria may face forex restrictions.

Highlighting his successes and achievements as CBN governor, Emefiele argued that “Dangote is today establishing the biggest refinery I have ever seen.

“The size of Dangote refinery is at least 10 times the size of Victoria Island. By April 2019 when Dangote Fertilizer Plant begins to roll, we will place a ban on the importation of fertilizer because Nigeria will both be self-sufficient and even export.”

He also disclosed that he has “written to governors in the South-South and South East that time has come to stop importation of crude palm oil.

“A barrel of crude palm oil is more expensive than crude petroleum per barrel. I told them that we will re-establish the oil palm belt in the South-South and South Eastern parts of the country.

“Edo State has reacted positively like some other states. With support and intervention from CBN and government, we would reverse the trend.

“That should be the direction. It is important to say this so that people can know that the economy is doing well.

“A lot of work still needs to be done, there are still a couple of vulnerabilities and fragilities that we see in the economy but we are determined to resolve them.“

Please eh. After all the CBN intervention in the forex market with almost fourteen windows, wwhat did we get. $1/375. We hear of millions of dollars thrown into the market and not even a kobo appreciation. Doing same thing over and over again and be expecting a different results is madness

If you can assure investors that the government is headed in the right direction, there would be no capital flight. It's only when there's uncertainty will they be looking for opportunities to take their money elsewhere

Atiku is a numbskull

michlins:
Please eh. After all the CBN intervention in the forex market with almost fourteen windows, wwhat did we get. $1/375. We hear of millions of dollars thrown into the market and not even a kobo appreciation. Doing same thing over and over again and be expecting a different results is madness

If you can assure investors that the government is headed in the right direction, there would be no capital flight. It's only when there's uncertainty will they be looking for opportunities to take their money elsewhere

Because you want to make a point doesn’t mean you will lie... Where did you exchange Dollar to Naira at that rate... Little truth won’t kill

This coming from a CBN governor whom watched the naira go from 200 per dollar to 400.

This coming from the CBN governor whom is basically a errand boy for one the cabal who control Buhari.


All APC has is fear. No solutions, no truth, no progress. They only sell fear because they can't produce anything concrete.

michlins:
Please eh. After all the CBN intervention in the forex market with almost fourteen windows, wwhat did we get. $1/375. We hear of millions of dollars thrown into the market and not even a kobo appreciation. Doing same thing over and over again and be expecting a different results is madness

If you can assure investors that the government is headed in the right direction, there would be no capital flight. It's only when there's uncertainty will they be looking for opportunities to take their money elsewhere

Bro lie with conscience, please note that so many of us are bussines men who change and buy money all most every week. I sold today at Eko Hotel at the rate of 1:360.
Attached is the black market rate.

fallout87:
This coming from a CBN governor whom watched the naira go from 200 per dollar to 400.

This coming from the CBN governor whom is basically a errand boy for one the cabal who control Buhari.


All APC has is fear. No solutions, no truth, no progress. They only sell fear because they can't produce anything concrete.

the CBN gov has a strong point

NOC1:


Bro lie with conscience, please note that so many of us are bussines men who change and buy money all most every week. I sold today at Eko Hotel at the rate of 1:360.
Attached is the black market rate.

bros I used obtainable average. If you are a buyer, you would need to have 375 and if you are lucky to get it cheaper then you enjoy.

seanfer:


Because you want to make a point doesn’t mean you will lie... Where did you exchange Dollar to Naira at that rate... Little truth won’t kill

check nairaland here at technology market section. All importers use 375 as exchange rate

fallout87:
This coming from a CBN governor whom watched the naira go from 200 per dollar to 400.

This coming from the CBN governor whom is basically a errand boy for one the cabal who control Buhari.


All APC has is fear. No solutions, no truth, no progress. They only sell fear because they can't produce anything concrete.

exactly. Fear mongering is the technique. It's high time we brazen up for the difficulties. Nothing can be worse than Buhari four years where millions lost their jobs. It can't get any worse from here

Imagine, If this is coming from CBN governor then he is a CAPITAL Idiot.

What is the current state of the economy under this CBN?
Is this governor adding value to the economy to warrant an opinion?

A mere houseboy to isa funtua.

Don't worry, any president worth his salt would kick you out first thing in the morning.

lolz! Atiku, riding on on the wave of ipob people, Atiku will be comprehensively and roundedly beaten even in the portoportor republic he called his strong hold, abi no be the zonal rally I saw in owerri today?


I just can't wait for Feb 16, I want to open a shop of sniper, wailers will really need it, e go sell like pure water, but I am still thinking of the location, yeast will be better, ryt?

Emiefele Don join them

michlins:
exactly. Fear mongering is the technique. It's high time we brazen up for the difficulties. Nothing can be worse than Buhari four years where millions lost their jobs. It can't get any worse from here

It can actually get worse.
Once buhari wins, it can actually get very worse.

They are afraid of floating the dollar because it will expose the lies of the government. For the Yoruba Moslems that don't understand what Fx floating means, it means dollar will be determined by the market not some thieves sitting in Buharis bedroom and peg the Naira.

If actually our Fx is what thief Buhari claimed it is and our agric sector is as strong as Yoruba Moslems are singing around, floating the Fx will crash it down.

michlins:
bros I used obtainable average. If you are a buyer, you would need to have 375 and if you are lucky to get it cheaper then you enjoy. check nairaland here at technology market section. All importers use 375 as exchange rate

Even at the black market it is still 365...

michlins:
bros I used obtainable average. If you are a buyer, you would need to have 375 and if you are lucky to get it cheaper then you enjoy. check nairaland here at technology market section. All importers use 375 as exchange rate

Nobody buys dollar at 375. It is between 360 to 363.

CBN governor is an errand boy to buhari men so he's not to be taken serious .

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