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Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari - Politics (2) - Nairaland

Nairaland Forum / Nairaland / General / Politics / Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari (13944 Views)

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Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by SillyMods: 8:49am On Aug 14
TheGoodJoe:


What are you saying? There is a reason why the Central Bank should be an independent body to prevent Political Interference. Kingsley Moghalu has explained clearly that political interference is wrong and the Banking institution should know its stance for the better of the economy.

After such explanation you write this. Shows you did not spend time to read the article to get the Former Presidential Candidates point.
At the end of the day, there isn't anywhere in the world where "the bulk does not stop at the president's table" even in matters of central bank and its activities. You know why? Because when everything goes south, it's the president that still gets the blame.

Was this not same man Emefiele who released billions to GEJ for looting without any appropriation?

Una never ready!

4 Likes 2 Shares

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by TheGoodJoe(m): 8:50am On Aug 14
castiello:
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

Buhari should maintain his lane and stick to the constitution he swore an oath to protect and uphold.
Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by Nicklaus619(m): 8:50am On Aug 14
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!

My friend you need to understand and read in between the lines before raining insults, as an economist I can tell you that there is no where in the world that the government has absolute control over her Central Bank, its an independent body and as such charged with the responsibility of advising the government and not the other way around, its only in Nigeria that you guys use sentiment to tackle every issue, ignorance has eating black race so deep that they hardly see anything good apart from their silly believe, sentimental and a sycophantic attitude
It's a pity sad

3 Likes 1 Share

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by oldtruth: 8:51am On Aug 14
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!


Honestly, you guys are just giving this people attention. Let's stop quoting or familiarizing with them. Moist of them are vagabonds. Nothing works for them. Stop quoting them. Only a fool will support Buhari that is strangulating the economy.

Please let's stop all relationship with this people. Let them keep wallowing in their foolishness. Once nobody cares nor help them, they will come to their senses.

3 Likes 1 Share

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by Baroba(m): 8:51am On Aug 14
Prof, good luck trying to educate a dunce...

4 Likes

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by Deepthoughts: 8:52am On Aug 14
Priscy01:
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/

Buhari is just a delusional dullard that falsely thinks he knows it all n thus keep wallowing in his folly of self righteousness, unfortunately his band of zombie supporters keep cheering him on causing him to stagger from one goof to the other,to buhari anything he doesn't understand is indescipline n corruption that can only be corrected by order n command, it's really a pity that Nigeria has to end up with a character like buhari in leadership due sentiments.

5 Likes

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by TheGoodJoe(m): 8:52am On Aug 14
SillyMods:

At the end of the day, there isn't anywhere in the world where "the bulk does not stop at the president's table" even in matters of central bank and its activities. You know why? Because when everything goes south, it's the president that still gets the blame.

Was this not same man Emefiele who released billions to GEJ for looting without any appropriation?

Una never ready!

Is it not the same President who arrested a man organising a Peaceful protest and has flaunted court orders repeatedly? Is that the kind of person who should give orders to the Central Bank?

Simple, the central bank is independent and the President should maintain his lane.

3 Likes 1 Share

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by richard870(m): 8:52am On Aug 14
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!
Please keep quiet and stop this nauseating t0mf00lery

2 Likes

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by Osgilliat(m): 8:53am On Aug 14
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!


That is the idea behind the directive given to CBN. To inflate the price of imported foods so that consumers will not patronize them and that will give our locally produce foods the chance to compete. I see no harm in these, it’s a win win.

3 Likes 1 Share

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by Commentor: 8:54am On Aug 14
TheGoodJoe:


Not give them orders. Which was a wrong call by Buhari.

Anytime the president speaks it would be construed as an order whether or not it is.

1 Like

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by Gabi90: 8:55am On Aug 14
That's just what I was about to say



What are you saying? There is a reason why the Central Bank should be an independent body to prevent Political Interference. Kingsley Moghalu has explained clearly that political interference is wrong and the Banking institution should know its stance for the better of the economy.

After such explanation you write this. Shows you did not spend time to read the article to get the Former Presidential Candidates point.

Moghalu is 100% right and this is an eye opener. Stand for the truth and not sentiments.
[/quote]

3 Likes 1 Share

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by TheGoodJoe(m): 8:56am On Aug 14
Osgilliat:



That is the idea behind the directive given to CBN. To inflate the price of imported foods so that consumers will not patronize them and that will give our locally produce foods the chance to compete. I see no harm in these, it’s a win win.

Which in turn will cause the inflation of local goods due to the high demand. Thus, causing inflation.

Buhari should do his Job and let the Central Bank do theirs.

3 Likes

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by lafuria1(m): 8:56am On Aug 14
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!
That's the idea, so that Nigerians can patronise locally made goods which wil lead to more jobs since demands for such goods will grow. Right now for some goods it's cheaper to import than produce , the govt wants to change.

The idea is job creation which will reduce unemployment we all complian about.

4 Likes 2 Shares

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by SillyMods: 8:56am On Aug 14
001spice:
your mind is damn sick and lazy. u jst display ur stupidity. u knw nuntin. shame on u
One of the lazy youths!

3 Likes 1 Share

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by jrusky(m): 8:56am On Aug 14
Flyingngel:
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.

Gbammm!!! You are on point.

4 Likes

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by throwaway: 8:56am On Aug 14
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!
It's ur buhari dat know about governance abi. Welldone.
The CBN is meant to act independent.... u forgot to read that part abi. Besides, u don't ho banning stuff when the local production isn't really there ... or capable f meeting considerable amount of demand.

3 Likes 1 Share

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by Commentor: 8:57am On Aug 14
TheGoodJoe:


Is it not the same President who arrested a man organising a Peaceful protest and has flaunted court orders repeatedly? Is that the kind of person who should give orders to the Central Bank?

Simple, the central bank is independent and the President should maintain his lan
e.

Don't bring politics into this matter.

Sowore contested for presidency barely 5 months ago.

After losing, woefully at that, he's asking for a change of government via "revolution".

Not even Jonathan would take that, talk less of Trump.

1 Like 1 Share

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by ITbomb(m): 8:57am On Aug 14
Is like you want DSS to visit you

1 Like

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by SillyMods: 8:58am On Aug 14
throwaway:

It's ur buhari dat know about governance abi. Welldone.
The CBN is meant to act independent.... u forgot to read that part abi. Besides, u don't ho banning stuff when the local production isn't really there ... or capable f meeting considerable amount of demand.
The CBN doesn't enjoy absolute independence. No central bank in the world does.

Too many ignorant "Errconomists" here grin grin grin

3 Likes 1 Share

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by Commentor: 8:58am On Aug 14
throwaway:

It's ur buhari dat know about governance abi. Welldone.
The CBN is meant to act independent.... u forgot to read that part abi. Besides, u don't ho banning stuff when the local production isn't really there ... or capable f meeting considerable amount of demand.

And when would you know that you are capable?


And who has banned imports?

They've simply said stop funding import of goods we can produce locally.
Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by coolk(m): 8:59am On Aug 14
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!


Many of you Buharists are fantastically dull!

Perfect Response.
A Buhari that could not pass his SSCE wants to micromanage complex macroeconomic monetary policies.

Fantastically dull indeed.

3 Likes 1 Share

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by throwaway: 9:01am On Aug 14
SillyMods:

The CBN doesn't enjoy absolute independence. No central bank in the world does.

Too many ignorant "Errconomists" here grin grin grin
and who mentioned absolute independence?

3 Likes

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by tiwiex(m): 9:02am On Aug 14
Dwady:
If only these articles are explicit enough.
I see nothing wrong with PMB directives

The point is he has no power to direct CBN. When politicians direct their central banks, investors get scared and also, what does he know about monetary policies? That job should be for an economist who understands economic tradeoffs. We are wher we are because of this. He takes one seemingly good decision which creates a bigger problem.

4 Likes 1 Share

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by TheGoodJoe(m): 9:04am On Aug 14
Commentor:


Anytime the president speaks it would be construed as an order whether or not it is.

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.

Not Buhari speak but gave a directive to the CBN which is a wrong move.

1 Like 1 Share

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by Bizibi(m): 9:06am On Aug 14
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!


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!


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!
hehehehe,coming from an app sycophant,i will pass.

2 Likes

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by throwaway: 9:06am On Aug 14
Commentor:

And when would you know that you are capable?

And who has banned imports?

They've simply said stop funding import of goods we can produce locally.

The agricultural minsitry should take better measures to help farmers. It's a gradual process of tightening imports while at the same time helping boost local production. You don't just close the door to imports and them hope dat local production improves.

4 Likes

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by SillyMods: 9:06am On Aug 14
throwaway:

and who mentioned absolute independence?
So, the president is right to instruct whenever he feels necessary. What's your point then?
Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by Adeniyii2017: 9:08am On Aug 14
The government should not be tampering with CBN, it’s bad.. except we are China lol..
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Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by throwaway: 9:10am On Aug 14
SillyMods:

So, the president is right to instruct whenever he feels necessary. What's your point then?
you can appoint the governor ... not to tell him how to manage the apex bank. that's how is done.

3 Likes

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by TheGoodJoe(m): 9:10am On Aug 14
Commentor:


Don't bring politics into this matter.

Sowore contested for presidency barely 5 months ago.

After losing, woefully at that, he's asking for a change of government via "revolution".

Not even Jonathan would take that, talk less of Trump.

Human rights lawyer, Femi Falana also had much to say on the issue…”If revolution has become a criminal offence in Nigeria why were the leaders of the APC not charged for claiming to have carried out Nigeria’s democratic revolution which terminated the 16-year rule of the PDP in 2015?” He remarked that the Force had capitalized on the use of the word “revolution” to criminalize the protests.

I guess we know who the real criminal is flaunting court orders and giving directives against the constitution.

Finito.

1 Like 1 Share

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by kennysoftSTUDIO: 9:11am On Aug 14
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