Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate - Politics - Nairaland
Nairaland Forum › Nairaland General › Politics › Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate (25770 Views)
| Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by ebosie11(op): 7:23am On Dec 22, 2015 |
Former vice president of the World Bank, Mrs Obiageli Ezekwesili has criticized the policies of the Central Bank of Nigeria (CBN) under the leadership of Mr Godwin Emefiele. Ezekwesili, a former member of the federal executive council, condemned the CBN for pursuing what she described as an “anachronistic exchange rate management” which she said also actively rewards corruption. Accusing the CBN Governor, Emefiele of doing more damage to the Nigerian currency in a bid to pander to political emotion, Ezekwesili advised that the most honourable path for the CBN in the present situation is to accept that it made the wrong decisions and reverse its steps. The former minister noted that Russia, another major oil-producing state, has not been badly affected by the plummeting crude oil price because the Central Bank of Russia ceased fixing the exchange rate of the country’s currency when it was faced with empirical evidence of the futility of doing such. Besides criticizing Emefiele’s decision to fix the exchange rate, Ezekwesili also gave her opinion of what she believes the foreign exchange rate should be: By FIXING the rate @cenbank basically FROZE the market for supply & demand of Forex & what we see are all forms of CONTROLS that don't work. — Oby Ezekwesili (@obyezeks) December 21,2015 The exchange rate should be "the ratio between the demand for foreign currency and its supply in the FX market". @cenbank RESTORE THIS. — Oby Ezekwesili (@obyezeks) December 21,2015 Ezekwesili further challenged the CBN to organise a public debate on its exchange rate management policy in the new year so that the apex bank can take public input into its policy formulation process. https://mobile.twitter.com/obyezeks/status/679007339886723072 8 Likes 4 Shares
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| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by Realdeals(m): 7:27am On Dec 22, 2015 |
Is she warming up to takeover from Emefiele? 24 Likes 1 Share |
| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by salisy: 7:36am On Dec 22, 2015 |
Directionless CBN Trying hard to bring PMB down 25 Likes 1 Share |
| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by bonechamberlain(m): 7:38am On Dec 22, 2015 |
for the first time, she is talking sense. 18 Likes |
| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by Visocrate(m): 7:39am On Dec 22, 2015 |
this is your father land you must not be a CBN governor before you write a proposal and forward to the federal government on how the economy can stabilize and to regain its status not to be pointing fingers of incompetency to the Emefield 34 Likes 1 Share |
| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by sholatech(m): 7:51am On Dec 22, 2015 |
She blames the Cbn Governor and not the administration? 60 Likes |
| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by Joe4lv(m): 7:58am On Dec 22, 2015 |
though am not an economist or a financial analyst but I think I go with oby on the part of having a public suggestions on the way out of our rigid CBN policies that is crippling the economy. What CBN fails to know is that the idea of the few on financial regulations maybe wrong so their should be a collation of ideas from past CBN governors, world bank reps from Nigeria, bankers,etc. madam oby seems to know too much outside the office so she should be given the position of CBN governor with a six months ultimatum to ensuring a stable exchange rates and if she fails,lay her off. it is easier to know all the solutions to a problem outside the problem but when given the mandate to solve it,it becomes difficult. 27 Likes 3 Shares |
| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by Demmocrats(m): 7:59am On Dec 22, 2015*. Modified: 10:00am On Dec 22, 2015 |
Ezekwesili, a former member of the federal executive council, condemned the CBN for pursuing what she described as an “anachronistic exchange rate management” which she said also actively rewards corruption.My Observations, last week i said the same thing. 1. Since he became the CBN Governor has any of his policies worked. 2. Are we the only nation our main finance comes from Oil, why are we suffering. 3. Can't my Sai Buhari sack this man. Check the above link, that was my comments before madam made her own. https://www.nairaland.com/2814527/emefiele-promises-stable-naira-2016#41196138 11 Likes 3 Shares |
| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by ebosie11(op): 8:02am On Dec 22, 2015 |
Demmocrats:link added |
| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by oduastates: 8:02am On Dec 22, 2015*. Modified: 3:48pm On Dec 22, 2015 |
Many people dey fall my hand. Ekwesili is even using Russia as example. That is a country with over 12 times the landmass of Nigeria and 30% of the world's natural resources . a country as scientifically and technologically advanced to rival any on the planet. Russia has the base to produce most of what it consumes ; if not all. All they had to do is reduce or restrict imports and look inwards. Honestly speaking, the Nigerian non-economy built on the foundation on corruption need to be dismantled first and rebuilt. In a country with this much poverty, can anyone explain why prices rival those of more advanced and richer countries? Is it not for this bogus illusion of wealth that smaller and poorer countries are able to build better infrastructure for less. Yesterday, one person was complaining on twitter that he could not pay his children tuition oversea because of the restrictions. I was like, are these guys for real? I support the restrictions they are in order. Look inwards. It seems to me that most are not even aware of the dire strait Jonathan and Iweala left the country and what is about to hit them if oil prices continue to fall. Obasanjo avoided those reckless policy prescriptions from the worldbank and IMF, Knowing fully well that the Nigeria would either be used as a dumping ground for poisonous chicken or the excess that cannot be sold at home by advanced countries or used by developing ones as an experimental ground on their way to the first world. Mass corruption,reckless increase in the size of the government and foolish government policies leading to the enlargement of the appetite of the country for foreign imports. Guess what, the per capita money coming from the Niger delta and diaspora keeps shrinking year by year and cannot pay for that appetite. 36 Likes 6 Shares |
| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by Bekwarra(m): 8:03am On Dec 22, 2015*. Modified: 10:57am On Dec 22, 2015 |
That ojuju Calabar. Korede Bello with earrings is more beautiful than Oby 2 Likes |
| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by Ijaya123: 8:04am On Dec 22, 2015 |
I blame GEJ for this ineptitude CBN governor.  Afterall, he appointed him. 3 Likes |
| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by EternalTruths: 8:06am On Dec 22, 2015 |
We know that Buhari has planned to compensate Oby with the post of CBN governor So keep it up so that you can occupy that post and perform the magic APC were promising then. 9 Likes |
| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by Bevista: 8:07am On Dec 22, 2015*. Modified: 10:02am On Dec 22, 2015 |
I initially supported the actions of the CBN governor because I thought the measures were temporary and stop-gap until the president sets up his cabinet. However, it now looks as it's going to be something more permanent. This would be the most ridiculous form of capital control in the 21st century. CBN has effectively unplugged Nigeria from the international payment system by trying desperately to artificially prop up the value of the Naira. While there may be some benefits to this, I do strongly think that there will be long term unintended consequences from these actions. There are many ways of protecting the foreign reserves. Just allow the damn currency to float and the market will sort itself based on demand and supply! We are a completely import-dependent economy, where even business and manufacturers have foreign currency inputs in their value chain. If these group cannot find FX to support their businesses, then job losses will just increase. If the FX restrictions are to encourage local consumption, then we want to hear clear policy issues and plans on how to make that happen. At the very minimum, the CBN should tell Nigerians what exactly they are trying to achieve with their policy position and what REALISTIC options are on the table for Nigerians pending when things normalize. Their deafening silence is either a sign of disrespect to the citizens or crass ineptitude on modern monetary policies. I'm not a big fan of bankers running the Central Banks, anyway. Just get a proper economist to do the job! 27 Likes |
| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by Nobody: 8:08am On Dec 22, 2015 |
Our next CBN governor warming up on the touchline. 2 Likes |
| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by philfrey08: 8:08am On Dec 22, 2015 |
Obiageri! Obiageri! Oby! Oby! PMB will settle you in no time.... keep on tweeting, booking and Nairalanding Our girls are not back 5 Likes |
| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by Nobody: 8:30am On Dec 22, 2015 |
salisy:is the CBN running a parallel govt? What input has the ministry of finance made on this? Stop sounding shallow on a public forum 21 Likes |
| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by jakiedudu(m): 8:31am On Dec 22, 2015 |
salisy:Activities and policies of CBN are always tied to the fiscal policies of the executive arm of govt. If fiscal policy of the executive is not forth coming, the CBN device ways to bridge the gap. The current policies of CBN is a direct consequence of fall in oil price and lack of fiscal policy direction by the executive. 11 Likes |
| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by Dereformer(m): 8:34am On Dec 22, 2015 |
Ijaya123:Your English is terrible. 13 Likes |
| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by Nobody: 8:34am On Dec 22, 2015 |
oduastates:looking inwards is a long term strategy because we don't have the industries to shore up our manufacturing sector. We need a short term strategy to ameliorate this burden crushing our spine 6 Likes |
| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by oduastates: 8:37am On Dec 22, 2015 |
PROVACATEUR:There is nothing long term about looking inwards and doing the right thing. Japan made leap than 10 years and by the 50th after coming out of isolation,was already a first world bully China did same in 10 years South Korea did it in 10 years. First of all, y'all need to cure yourselves of the insanity of those 2 Christianity and Islam. Anyone who cannot see those 2 for what they are csn never see the solution to Nigeria's problem as it is. your minds have been colonised. Next time when your governors are wasting precious little money on non economical Roads on a side streets, tell them to buy tractors instead. Instead of heading to church, go and picket the national assembly and drive our all the 500 idiots there, who consistently consume $1 billion dollars of the precious little funds available. Instead of donating your money to those churches and mosques, gather it together and use it to build schools hospitals and other facilities your children can use They are all useless 27 Likes 5 Shares |
| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by jakiedudu(m): 8:39am On Dec 22, 2015 |
oduastates:Nigeria's economy was, is, and has always been based on oil. It's no rocket science that the economy will be thrown off balance with fall in oil price, hence the need to move away from oil. But can the country divest her economy from oil with the present economic structure were the federal govt is the biggest player? Definately not. 8 Likes 1 Share |
| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by Nobody: 8:42am On Dec 22, 2015 |
oduastates:the problems we have now needs immediate solutions and not a 10yr window |
| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by oduastates: 8:50am On Dec 22, 2015*. Modified: 3:21pm On Dec 22, 2015 |
PROVACATEUR:My analogy Your chicken, that used to give birth to 2 babies ( chucks) all of a sudden started pricing 10 chickens because the sun was shining. Instead of being cautious of this unusual bounty,you decided to live large. Married two more wives Threw big parties everyday and live life to the fullest. Put it on my tab you said to everybody This bounty continued for 5 years until one say, you woke up to find that your bird is only giving birth to one chick Meanwhile you have debts everywhere from beer supplier to.... Caterer. You have also refused to adjust to your new reality. Meanwhile more people now sell chicken. Are you prepared for N500 to $1 because the dollar supply will not increase but the unhealthy appetite for imported rubbish will still be there. Meanwhile, Nigeria has less than 1 year worth of forex. You may choose to prospone the pain I AM SORRY TO SAY THAT THE PAIN IS/WAS INEVITABLE AND IT HAS TO BE ENDURED 14 Likes 1 Share |
| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by oshyno(m): 9:00am On Dec 22, 2015 |
My take in all these is the communication gap. Nobody knows d policy direction of PMB. Sometimes I wonder if finance ministers mouth is celotaped. I mean, how hard is it to assuage peoples fear. Talk to us. Tell us things are going to be better. Tell us sectors the govt is going to shore up and how. We are in limbo. There is a total communication gap between this govt and the people cum investors. It is as if the govt wants to suprice us. Like there is some kind of suprise policy they are cooking. Hez presenting a budget and we don't know yet his direction in our rail sector, agriculture, housing etc. I just tire 13 Likes 1 Share |
| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by Ijaya123: 9:01am On Dec 22, 2015 |
9 Likes |
| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by oduastates: 9:05am On Dec 22, 2015*. Modified: 3:21pm On Dec 22, 2015 |
oshyno:Unlike the previous government,buhari's Finance minister is finance minister. Her main job is finding the money to pay for government policy and following the money once it goes out. Every minister and governor are going to be involved in Policy formulation. Amaechi, Fashola, Fayemi are more important in terms of policy than what has been returned to it former state of being boring( finance minidtef 2 Likes |
| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by brofula(m): 9:09am On Dec 22, 2015 |
Joe4lv:e.g PMB so much talk b4 electio now to implement all the promise story has entered. Talk is cheap, though am not a fan of Emeifiele. |
| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by LordAdam: 9:12am On Dec 22, 2015 |
Someone should lock this woman up. Or at the very least, she should not be allowed to use Twitter unless she has taken her meds. She is addressing the wrong issue. Russia is a world power, they produce most of what they need, and they have an incentive to let the rubies slide. A weakened currency is a blessing to any nation that exports a lot. Nigeria is in a different situation. We import everything from tooth pick to tomato paste. So I do not see her point. She is only trying so hard to drum up public sentiments against Emefiele. I don't like the man, but I will not stand by for a saboteur like Oby to assassinate Emefiele's character. We are still reeling from the one they did to GEJ. Her other suggestion about public sentiment on paper sounds great, but it is impractical. Most Nigerians know nothing about the economy and the process will be skewed, not to mention the huge monetary cost of ensuring smooth running of such process. I pity Nigeria! And she is supposed to be a technocrat. -Lord 16 Likes 2 Shares |
| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by trillville(m): 9:45am On Dec 22, 2015 |
PROVACATEUR:there is no immediate solution that leads to success. It's time for us to tighten our belts and face our situation. Even if the CBN were to devalue the naira as prescribed by Aunty ezekwesili, Nigerians will still suffer. We must all pay the price for our past leaders failures. This same situation happened over 30 years ago and it's happening again. 2 Likes 1 Share |
| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by Nobody: 9:45am On Dec 22, 2015*. Modified: 2:00pm On Dec 22, 2015 |
Realdeals:She's a former Vice President of World Bank; she should know. She's a Nigerian; she should be concerned. She's not a mediocre. 8 Likes |
| Re: Oby Ezekwesili Blasts CBN Governor Emefiele For Fixing Exchange Rate by lasisi69: 9:50am On Dec 22, 2015 |
Werey.... You are no exception 1 Like |
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