*Buhari’s new chief economic adviser, Dr. Doyin Salami, is a vocal critic of the Central Bank's monetary policies.

*Expect him to engage CBN boss Godwin Emefiele in a fight, Quest Times predicts.


When on the afternoon of Tuesday, January 4, Femi Adesina who is the President’s Media Adviser issued a statement announcing that President Muhammadu Buhari has finally named a Chief Economic Adviser, there was some discomfort inside the plush and marbled Central Bank headquarters in the nation’s moneyed capital city of Abuja.

The way President Buhari commenced the New Year with a fresh appointment in the area of economic policy, was not only unexpected, it has set tongues wagging–especially in the nation's administrative and political capital, Quest Times can exclusively and authoritatively report.

Some of the closest aides of the president who did not see the development coming, were completely caught off guard or unawares.

This was one appointment into an office that has remained vacant since President Buhari assumed the reins in May of 2015.

Although no public explanation has been offered over why the president did not name a Chief Economic Adviser since 2015, a Special Adviser on Economic Affairs in the Office of the Vice President was named.

However, this Special Adviser did not have the responsibilities of the Chief Economic Adviser.

Apparently, no one expected a Chief Economic Adviser to be stationed directly outside the president's office.

So why is the president making this appointment with only a few months before his constitutionally permissible two-terms of eight years in office elapses?

Highly placed sources in the nation’s presidency tell Quest Times on condition of anonymity, that there is plenty of desperation to make some dramatic changes in the management of the nation’s economy, especially as it pertains to foreign currency exchange.

Nigeria’s Naira continues to tank in value embarrassingly in the foreign exchange market. The Naira has hovered close to 600 Naira to a dollar in recent times.

Quest Times investigations have unearthed the following:

*President Buhari is very unhappy about what has happened to the Naira on his watch and he is getting fed-up with explanations from Emefiele and from a few of his aides who have been taking sides with, and making a case for the CBN Governor.

*Based on the recommendations of the Chief of Staff, Prof. Ibrahim Gambari to the president, an outright sack of the Central Bank Governor should not be the first option because of the controversy that greeted ex-President Jonathan’s suspension of then CBN Governor Sanusi Lamido.

And so it has been proposed within the power corridors that the president sends a very strong message Emefiele’s way by appointing a Chief Economic Adviser with immense economic coordination responsibilities.

By settling for someone who has over the years openly opposed the style and direction of CBN Governor Emefiele, especially as it pertains to Emefiele’s forex policy management and what Salami has reportedly described as "Monetary Policy Conundrum, it is believed that the message will sink faster and rattle Emefiele," one presidency source discloses on condition of anonymity.

Wake-Up Call

Finance sector watchers believe that the appointment of Dr. Salami would be a wake-up call for an embattled Mr. Godwin Emefiele.

Top presidency officials say by bringing in Dr. Doyin Salami, the economist who wrote the Buhari campaign economic blueprint, the president is making a last ditch effort to resolve the shenanigans in the foreign exchange market where banking executives are alleged to be cashing out on the price divergence in the official forex rate and the black market rates.

According to one CBN insider, the CBN Governor meets every Sunday in Lagos with about 4 or 5 MDs of top Nigerian banks, where among other things, they chat about their "lucky fortunes," without developing a concrete, coherent strategy to stop or significantly curb the corruption and round tripping going on in the forex market.

President's annoyance

Not so long ago, says the CBN source, the president ordered the CBN Governor to urgently clampdown on the BDCs (Bureau De Change) as the value of the Naira continues to be a source of embarrassment to the president.

In fact, what seems to have outraged the president even more was the allegation that some top Aso Villa officials also owned BDCs extended to their proxies by the CBN Governor!


The New Chief Economic Adviser as a critic of CBN

Salami has been a constant critic and opponent of Mr. Emefiele, especially as it pertains to the CBN Monetary Policy Committee (MPC) where Salami served as a member.

CBN sources say not only had Salami been a lone voice against Emefiele on the MPC, the CBN management under Emefiele have on occasion hired people to write public articles against Salami.

While Salami has argued that the official exchange rate is not a true reflection of prevailing market fundamentals–meaning he would support what might be a further devaluation–he has also been critical of the round-tripping that goes on in the banking sector due to the wide gap between the official and black market rates.

While known to have publicly queried several CBN policies at MPC meetings, the new Chief Economic Adviser of Mr. President was quoted late last year by Reuters, once more criticizing and actually mocking the CBN.

"Central bank investments in government treasury bills had risen 30 percent to 454 billion naira since December, leaving the bank providing "piggy bank" services to the state," he was quoted as saying by the international news agency.

Which is why Aso Villa sources have disclosed to Quest Times that if the CBN under Emefiele doesn't find a way to mend its policies to align with those of the president's new Chief Economic Adviser, then a confrontation between the two is imminent.

And judging from the president's body language, it is not impossible that the CBN boss may need to act fast to save his job.

At this rate, all bets are completely off.

https://thequesttimes.com/exclusive-president-buhari-could-sack-cbn-governor-emefiele-soon-over-corruption-in-forex-market/

Buhari should not try it at all, emefiele, must complete the tenure with him.

he wants to really finish Nigeria with his abokis from Niger republic dem

Emefiele has Oilled too many corrupt hands

dollytino4real:
he wants to really finish Nigeria with his abokis from Niger republic dem

Actually I supported his sack

That CBN guy together with the minister of finance are wrecking our economy with their policies
You might not know if you're not in the field.

Sammy07:


Actually I supported his sack

That CBN guy together with the minister of finance are wrecking our economy with their policies
You might not know if you're not in the field.

really I hear u

Beer parlour talk

If sacking Emiefele would cause some brouhaha just like the case of Sanusi, he should be pressured to resign because truth be Emiefele has not well

Someone mentioned it on this forumn that the new economic adviser will have issues with Emefiele within 3 months of his appointment

I am not sure if any nyamiri have ever benefited from this CBN governor ?

If non he should be sack.

.