https://www.yahoo.com/news/nigerian-opposition-candidate-plans-central-bank-overhaul-spokesman-185236146--business.html

Nigerian opposition candidate plans central bank overhaul: spokesman

LONDON (Reuters) - Nigeria's main opposition candidate for president wants to overhaul the central bank by separating supervisory and monetary policy functions, and to transition the naira to a managed float, a spokesman for him said on Monday.

Atiku Abubakar, a businessman who served as vice president between 1999 and 2007, is the main challenger to President Muhammadu Buhari in the Feb. 16 election.

"Bankers are really conflicted when you put them in the role of regulators," Abubakar's spokesman Osita Chidoka told Reuters, adding the central bank had not divided sufficiently its supervisory and monetary policy functions as other countries do.

"The central bank is high on the list of agencies that will witness a restructuring to be sure that it is reflective of the dynamics of today's economy."

Chidoka also said Abubakar did not think current governor Godwin Emefiele was best placed to continue at the helm given his past record supporting the government.

"He wasn't independent," said Chidoka, who had just returned from a trip to Washington with Abubakar, of the main opposition People's Democratic Party (PDP).

"You really need a development mindset and an economist ... it doesn't have to be a banker, it has to be someone who thinks about the economy in a holistic way."

Emefiele's office did not immediately reply to a request for comment.

Emefiele imposed currency restrictions in 2015, defying bankers’ advice to float the naira and raise interest rates as some other oil exporters had done.

His decisions were in line with current leader Buhari, a staunch opponent of letting the naira float freely.

The currency restrictions saw investors cutting their exposure to Nigerian asset as the once promising emerging market was ejected from key bond indexes.

Chidoka also confirmed Abubakar planned to oversee the currency transition into a managed float that would give more flexibility but also reflected the fact that Nigeria's oil-dependent economy hugely depended on crude oil prices.

"Nigeria cannot afford to keep the naira at 305 (to the dollar), creating a window for arbitrage. On the street it is 360 - a 55 naira difference."

Nigeria has a plethora of exchange rates against the U.S. currency and has been selling the dollar on the interbank market to boost liquidity after floating the naira for investors.

However, the official rate stood at around 307 to the dollar on Monday - a level it has been close to since late 2016, while black market currency dealers quoted the naira at 362.

Nigeria vies with South Africa's to be the largest economy on the continent, but has performed below par since 2016, when it suffered its first recession in 25 years.

(Reporting by Karin Strohecker; Editing by Andrew Cawthorne)

lolz, where he Won't get to.

The only people that I know are thinking Atiku will win are Ipob pigs, every other persons has come to reality, but then they too will come back to their senses by February.

No vacancy in Aso rock, we are going to the next level.

overhaul what exactly....??....if you cant pump your money to cbn then better keep quiet...

does this guy thinks its a business for sellin akara or what....??

I strongly agree with the view of PDP and Atiku. CBN has to be overhauled, supervisory function should be different from monetary function. Same thing I think should be done to INEC, NNPC and DPR..

Unbundle this institutions for higher productivity and output. They become overwhelmed with duties and responsibilities when supervisory and monetary duties are done simultaneously

sogodihno:
lolz, where he Won't get to.

The only people that I know are thinking Atiku will win are Ipob pigs, every other persons has come to reality, but then they too will come back to their senses by February.

No vacancy in Aso rock, we are going to the next level.

No formal education in the area of economics to understand what the topic is all about?

Overhaul and put his friend and enrich them, like what he said b4na, that he will enrich his friends, if that man become Nigeria President then we are finished as a country, he has a very bad motive

bantudra:
overhaul what exactly....??....if you cant pump your money to cbn then better keep quiet...

does this guy thinks its a business for sellin akara or what....??

That's why you need someone who understands BASIC economics, not someone who promises to make $1=1 naira, and turns around to peg it at 307 with a difference of 55 naira. Now, when they tell you how much they have been spending to prop up the naira at that level you will understand what Atiku's team is saying.
This is on principles, not on short term economic and monetary voodoism!
Now, which other civilized central bank regulates other banks, sets monetary policy functions, and pegs the currency, in 2019?
No surprise, we quickly began to lag behind South Africa as soon as Buhari arrived with his economic misinformation.
For sure, if re-elected, and Buhari continues as he promised, Nigeria will quickly descend to the bottom of Africa's economic powers in the coming years.

Ades1234:
Overhaul and put his friend and enrich them, like what he said b4na, that he will enrich his friends, if that man become Nigeria President then we are finished as a country, he has a very bad motive

While you work overtime reading Atiku's mind and misquoting him for your own needs, what we see on the ground TODAY is worse than any reasonable person with a small economic knowledge would do. That's why you can't proudly say that Buhari's economic policies are good, instead, you will spend endless time/energy conjuring up what evil Atiku would do when elected.
What evil is worse than what we have now?

naijaking1:


That's why you need someone who understands BASIC economics, not someone who promises to make $1=1 naira, and turns around to peg it at 307 with a difference of 55 naira. Now, when they tell you how much they have been spending to prop up the naira at that level you will understand what Atiku's team is saying.
This is on principles, not on short term economic and monetary voodoism!
Now, which other civilized central bank regulates other banks, sets monetary policy functions, and pegs the currency, in 2019?
No surprise, we quickly began to lag behind South Africa as soon as Buhari arrived with his economic misinformation.
For sure, if re-elected, and Buhari continues as he promised, Nigeria will quickly descend to the bottom of Africa's economic powers in the coming years.

that thief doesnt understand nothing....sharrap...any goverment that tried to talk into central bank matters always fail and make things much worser...

or you wan tell me atiku understand cbn people job better....??...what qualification does he has to even suggest such nonesense....??

bantudra:


that thief doesnt understand nothing....sharrap...any goverment that tried to talk into central bank matters always fail and make things much worser...

or you wan tell me atiku understand cbn people job better....??...what qualification does he has to even suggest such nonesense....??

You don't sound like you're capable of mature discussion either.

naijaking1:


That's why you need someone who understands BASIC economics, not someone who promises to make $1=1 naira, and turns around to peg it at 307 with a difference of 55 naira. Now, when they tell you how much they have been spending to prop up the naira at that level you will understand what Atiku's team is saying.
This is on principles, not on short term economic and monetary voodoism!
Now, which other civilized central bank regulates other banks, sets monetary policy functions, and pegs the currency, in 2019?
No surprise, we quickly began to lag behind South Africa as soon as Buhari arrived with his economic misinformation.
For sure, if re-elected, and Buhari continues as he promised, Nigeria will quickly descend to the bottom of Africa's economic powers in the coming years.

This is why I want Buhari to win, he is doing more damaged to the Zoo more than Nnamdi Kanu and that is music to my ears.

na wa, some people like the first commenter on this page doesn't know shit about economics but will be commenting rubbish. Must you irritate people with your daftness.

naijaking1:


While you work overtime reading Atiku's mind and misquoting him for your own needs, what we see on the ground TODAY is worse than any reasonable person with a small economic knowledge would do. That's why you can't proudly say that Buhari's economic policies are good, instead, you will spend endless time/energy conjuring up what evil Atiku would do when elected.
What evil is worse than what we have now?

according to him, that he will enrich his friend such person shouldn't be trust with Nigeria, how can he overhaul the CBN, do u know d problem he will cause in d first place,

Ades1234:
according to him, that he will enrich his friend such person shouldn't be trust with Nigeria, how can he overhaul the CBN, do u know d problem he will cause in d first place,

The question is, do you know how bad the CBN and the economy of Nigeria are at the moment?

We want better ideas going forward. A politician without new ideas will not improve our lives.