President Muhammadu Buhari has again, made it clear that he has usurped the role of the Central Bank Governor and his managing the monetary policy of Nigeria by himself.
Buhari made this disclosure, regrettably, to the foreign press on his current UK trip. This disclosure comes on the heels of a falling Naira and a collapsing economy.
The CBN Act of 2007 of the Federal Republic of Nigeria gave the Bank the overall control and administration of the monetary and financial sector policies of the Federal Government. One of the objectives of the CBN under the act is to “ensure monetary and price stability.”
Buhari has made it clear that he is playing the role of the governor of the Central Bank of Nigeria reducing the CBN’s Monetary Policy Committee (MPC) ineffective.
Speaking to BBC, on Friday, February 5, 2016, Buhari insisted that devaluation of the Naira was against his personal beliefs and since he didn’t see any value in the move, he was not going to devalue the Naira. “I am yet to be convinced,” Buhari said. The Nigerian President said he would “have to be convinced beyond reasonable doubt that devaluing the naira was the best course of action before approving such and that so far he is not”.
This is the second time in as many weeks that Buhari would make this assertion about defending the Naira. The first was at a town hall meeting with Nigerians in Ethiopia last week. But this time, he used much stronger words like “murder the Naira” and “kill the Naira”.
“I have asked governor of central bank others to sit and see if they can convince me to murder the Naira. I went through devaluation in 1984. It’s SAP that killed the Naira,” he said.
Analysts have slammed Buhari’s approach to the management of the Naira. Bloomberg has declared that Buhari’s role of governor of the CBN was unproductive to the Nigeria.
The difference between official exchange rates and the parallel market is at an all time high to the detriment of small businesses and the economy.
Buhari also declared that Ibrahim Babangida’s Structural Adjustment Programme of the 80s was responsible for the fall in the value of the Naira. General Ibrahim Babangida ousted General Buhari from power in a well-received military coup in 1985. He ruled Nigeria as a military head of state from 1985 to 1993.
EdemAya, a community so rich in mineral resources, and one of the five clans that make up the present day Ikot Abasi Local Government Area of Akwa Ibom State, Nigeria is hosting the world on the 29 th of March 2013. As we gathered from the head of the organizing group, Miss Precious Dominic Akpan, the event is scheduled to take place at the Cooperative Hall, Ikot Ubo Akama, Edemaya in Ikot Abasi, Akwa Ibom State. Three beauties are to emerge from the event which promises to be the first ever organized pageant. The Eligibility Form which are currently on sale for a token of N 2,000 will qualify the contestants to struggle for Miss EdemAya, Miss Democracy of EdemAya and Miss Culture & Tourism of EdemAya. The screening and training of the contestants commences on 25 th through 28 th of March 2013. We have been reliably informed that the event will parade ‘who is who’ in the music industry in Akwa Ibom State and a popular reggae artist from Delta State. Imagine the sque...
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