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Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari - Politics (4) - Nairaland

Nairaland Forum / Nairaland / General / Politics / Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari (13946 Views)

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Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by TheGoodJoe(m): 10:36am On Aug 14
Commentor:

So you don't know you need a permit?

Story. Show me a permit for Occupy Nigeria Protest against GEJ.

The right to protest is a human right arising out of a number of recognized human rights. While no human rights instrument or national constitution grants the absolute right to protest, such a right to protest may be a manifestation of the right to freedom of assembly, the right to freedom of association, and the right to freedom of speech. Additionally, protest and restrictions on protest have lasted as long as governments have.
Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by Ugosample(m): 10:46am 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!


just imagine what someone who claims to be educated is saying undecided
Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by Ugosample(m): 10:49am 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!

very dull
Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by Ugosample(m): 10:50am On Aug 14
datola:
CBN should not be entirely left alone because the president receives all the blames of economic misfortune.

Moreover, the directive is a welcome development and should be extended to pilgrimage, medical and education trips abroad by all political holders and their families.


see what someone who claims ro be educated is saying undecided
Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by Commentor: 10:53am On Aug 14
TheGoodJoe:


Story. Show me a permit for Occupy Nigeria Protest against GEJ.

The right to protest is a human right arising out of a number of recognized human rights. While no human rights instrument or national constitution grants the absolute right to protest, such a right to protest may be a manifestation of the right to freedom of assembly, the right to freedom of association, and the right to freedom of speech. Additionally, protest and restrictions on protest have lasted as long as governments have.

Stop trying to justify illegality with illegality.

Like I said earlier, wasn't long for you to jettison the legal slant.

1 Like

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by Ugosample(m): 10:53am On Aug 14
Dwady:
If only these articles are explicit enough. I see nothing wrong with PMB directives
you see nothing wrong with a president directing a central bank

no wonder Nigeria is the way it is when the majority don't know how things work
Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by Ugosample(m): 10:54am On Aug 14
farem:
CBN is an independent body, you say? I laugh. This is a fall out of ministerial appointment o.

So CBN should operate outside the policy thrust of the government, abi?

Do you know what transpired before the CBN governor was reappointed?

I would have taken you serious if you advised they brainstorm well before policy directive and announcement .


as for your second paragraph

HE'LL YES!
Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by Ugosample(m): 10:54am On Aug 14
Commentor:
The executive points the apex bank in the direction of its policies.


WRONG!
Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by Ugosample(m): 10:56am 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.

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

The country is in trouble

with so many people who have no idea if how things work applauding this foolish act of the president

1 Like 1 Share

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by ItsMeAboki(m): 10:56am 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/


Much as I respect Moghalu's intellect; however, in this case he seems to be playing politics by hiding behind a mere technicality of the CBN law to criticise the president - without taking due cognisance of the true realities on the ground.

Does he think a president who would ultimately be held responsible for the success or failure of the country's economy would remain aloof and not give policy direction to one of the major influencing organs of the economy?

Secondly, was such order intrinsically wrong; is it ok for our forex to be wasted on importing food items that could equally be grown here in this country - to the detriment of our own farmers and economy?

It's ok to talk about the independence of the CBN but in reality he should know that the Bank cannot be all that independent - especially as the president has the power of hiring and firing the CBN governor.

He also seem to be contradicting himself, having earlier criticised the president for interference then later down the line going on to lament about the entire economy being subcontracted to the said bank.

Walahi I am with the president on this; Moghalu is just splitting hair for attention sake - to remain relevant.

3 Likes

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by Ugosample(m): 10:56am On Aug 14
NEIGHBOUR:

So the President who is vested with the power to appoint and also sack the CBN governor can not give directions to it. So the President should watch as the CBN policies destroy his promises to the people. Oga park well.

another one who have zero idea of how things work
Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by Ugosample(m): 10:58am On Aug 14
ItsMeAboki:


Much as I respect Moghalu's intellect; however, in this case he seems to be playing politics by hiding behind a mere technicality of the CBN law to criticise the president - without taking due cognisance of the true realities on the ground.

Does he think a president who ultimately be held responsibly for the success or failure of the country's economy would remain aloof and not give policy direction to of the major influencing organs of the economy?

Secondly, was such order intrinsically wrong; is it ok for our forex to be wasted on importing food items that can equally be grown in this country - to the detriment of our own farmers and economy?

It's ok to talk about the independence of the CBN but in reality he should know that the Bank cannot be all that independent - especially as the president has the power of hiring and firing the CBN governor.

He also seem to be contradicting himself, having earlier criticised the president for interference then later down the line going on to lament that the entire economy had been subcontracted to the said bank.

Walahi I am with the president on this; Moghalu is just splitting hair for attention sake - to remain relevant.



The president has no power to fire the CBN gov

only 2/3 of the Senate can

all you wrote is wrong

cbn must be independent
Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by Ugosample(m): 10:59am On Aug 14
Nicklaus619:


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

don't mind them

they have no idea

1 Like 1 Share

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by Ugosample(m): 11:01am On Aug 14
oldtruth:



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.

when I read their comments
it worries me
Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by Ugosample(m): 11:03am 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.

there is a big harm
black market will thrive
cost push inflation follows
And Nigerians will cry even more

The govt instead should have put fiscal measures in place (even subsidising agric) to drive the prices down

Government policy via incentive is what works
govt directives Don t
Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by rottennaija(m): 11:16am 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.

And yet you laud Trump for trying to influence the decisions of the Fed
Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by Googleus(m): 11:36am On Aug 14
pls leave the old man alone with his local thoughts..

he is unbroken

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by ItsMeAboki(m): 11:44am On Aug 14
Ugosample:




The president has no power to fire the CBN gov

only 2/3 of the Senate can

all you wrote is wrong

cbn must be independent

Ignorance is bliss, go check again - though you are entitled to your opinion.
Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by mekaboy(m): 11:55am 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!

Your ignorance stinks to the high heavens. What statistics is buhari working with ? You think you wake up and give orders to the CBN? How many developed countries does the president tell the central bank what to do? talk more of a president that knows nothing about economics. Is this not how he said the naira will not be devalued, because he did not know what devaluation meant? He insisted and foreign investors had to leave .

Then finally devalued after wasting so much time and costing the economy a fortune. The you think the CBN is a cattle rearing organization ? The hypocrite that acts like he is interested in Nigeria, is first to travel abroad for treatment, ensures all his children study abroad. Comes to command the CBN .
Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by Flyingngel(m): 11:57am On Aug 14
rottennaija post:



And yet you laud Trump for trying to influence the decisions of the Fed.





In which of my thread did you see me lauding Trump for anything.
Wetin concern me with Trump or USA?
Na niaja i dey for now.
Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by mekaboy(m): 12:00pm On Aug 14
ItsMeAboki:


Much as I respect Moghalu's intellect; however, in this case he seems to be playing politics by hiding behind a mere technicality of the CBN law to criticise the president - without taking due cognisance of the true realities on the ground.

Does he think a president who would ultimately be held responsible for the success or failure of the country's economy would remain aloof and not give policy direction to one of the major influencing organs of the economy?

Secondly, was such order intrinsically wrong; is it ok for our forex to be wasted on importing food items that could equally be grown here in this country - to the detriment of our own farmers and economy?

It's ok to talk about the independence of the CBN but in reality he should know that the Bank cannot be all that independent - especially as the president has the power of hiring and firing the CBN governor.

He also seem to be contradicting himself, having earlier criticised the president for interference then later down the line going on to lament about the entire economy being subcontracted to the said bank.

Walahi I am with the president on this; Moghalu is just splitting hair for attention sake - to remain relevant.

1) he should not give CBN order

2) he has know statistics to know how much we produce and how much we need to import

3) Its the job of the finance minister and the CBN to work together to develop policies with available information and not the president giving orders .

4) Developed countries have working systems. here we have failed systems with working political parties .

Moghalu is right, because it is this same interference to weaken systems and make them ineffective .

When the law states penalty for crime, the president will give order for fulani and boko haram to be released. Weaking our judiciary and security agencies that should be independent .
Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by Biodun556(m): 12:19pm On Aug 14
NEIGHBOUR:

So the President who is vested with the power to appoint and also sack the CBN governor can not give directions to it. So the President should watch as the CBN policies destroy his promises to the people. Oga park well.

Which law says CBN; a government bank should be independent of the executive? When the Governor is appointed and can be fired by the president. All federal government transactions are made through CBN. It's a government treasury.

How do you ask a treasurer of an organisation to be independent of the leader of the organisation? There was no question of independence of CBN when Jonathan fired Sanusi

1 Like

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by SIRAO: 12:35pm On Aug 14
My brother you don't understand elementary economics and stop displaying your ignorance here, the buhari government is doing the right thing. so when prices of foreign goods 're high, yes rationale consumers will shift their loyalty to locally produced goods ok,

2 Likes

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by OlujobaSamuel: 12:46pm On Aug 14
ItsMeAboki:


Ignorance is bliss, go check again - though you are entitled to your opinion.
People just want to play politics with the president statement/directive.
The CBN MPC must(emphasis on must) work in tune with the executive fiscal policy direction, the CBN is still subjected to directions of the executive in some cases, in which this subject falls under. Also, the CBN in some cases must report to the executive through ministry of finance before making decisions.
Anyone in doubt should go through the CBN Act to confirm.
People should rather discuss the merit or demerit of the directive, and not if he has a right to make such.
The president order/directive is not an illegal order nor is it against CBN Act, no country Central Bank as absolute independence, they are still subject to some directions of the political administration of such nation.

3 Likes 1 Share

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by ItsMeAboki(m): 12:49pm On Aug 14
mekaboy:


1) he should not give CBN order

2) he has know statistics to know how much we produce and how much we need to import

3) Its the job of the finance minister and the CBN to work together to develop policies with available information and not the president giving orders .

4) Developed countries have working systems. here we have failed systems with working political parties .

Moghalu is right, because it is this same interference to weaken systems and make them ineffective .

When the law states penalty for crime, the president will give order for fulani and boko haram to be released. Weaking our judiciary and security agencies that should be independent .

Pls just curl back and wallow in your ignorance - are the minister of finance and the CBN governor (among others) not answerable to the president? - answer yes or no!
Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by ItsMeAboki(m): 12:53pm On Aug 14
OlujobaSamuel:

People just want to play politics with the president statement/directive.
The CBN MPC must(emphasis on must) work in tune with the executive fiscal policy direction, the CBN is still subjected to directions of the executive in some cases, in which this subject falls under. Also, the CBN in some cases must report to the executive through ministry of finance before making decisions.
Anyone in doubt should go through the CBN Act to confirm.
People should rather discuss the merit or demerit of the directive, and not if he has a right to make such.
The president order/directive is not an illegal order nor is it against CBN Act, no country Central Bank as absolute independence, they are still subject to some directions of the political administration of such nation.

Pls don't mind the ignoramuses; they are allowing their hatred for the president and bigotry override common sense - some times its a waste of time arguing with such ppl.

3 Likes

Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by 400billionman: 1:10pm On Aug 14
ArmaniUhuru:
Stupid Government. The aim is to create artificial scarcity and leave an impression that without Fulani presence, hunger will kill Nigerians. In the process they will indirectly make case for RUGA. Look everything that this administration does is to implement RUGA. That is its only agenda.

Right...
Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by rottennaija(m): 2:25pm On Aug 14
Flyingngel:
rottennaija post:



And yet you laud Trump for trying to influence the decisions of the Fed.





In which of my thread did you see me lauding Trump for anything.
Wetin concern me with Trump or USA?
Na niaja i dey for now.
The you was in plural, not necessarily you. But the kind of you who criticizes everything Buhari does but praises it if done by Trump
Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by Basher8583: 2:28pm On Aug 14
oldtruth:



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.

Who needs help? Its you that reacts negatively to everything Buhari say that needs help.
Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by Basher8583: 2:29pm 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 lane.

You go wail taya
Re: Non-provision Of Foreign Exchange: “leave CBN Alone” — Moghalu Tells Buhari by sapele914(m): 4:23pm 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!
Assuming and conceding you are the one that is dull,even a fool is considered to be intelligent,when he keeps silent.
He explained to you,that is the idea,higher tarrifs makes the prices of imported goods more expensive,so the local market can thrive.

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