FX Ban: Respect Autonomy, Stop Ordering CBN, Muoghalu Tells Buhari

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Dr. Kingsley Muoghalu, a candidate in the 2019 Presidential election under the platform of the Young Progressives Party (YPP) and former deputy governor of the Central Bank of Nigeria (CBN), on Tuesday even berated President Muhammadu Buhari for “directing” the apex bank to ban the sale of foreign exchange to food importers.

Reacting to a statement by Presidential spokesman, Garba Shehu, who quoted Buhari as giving the directive when he hosted state governors elected on the platform of his party- the All Progressives Congress (APC) to Eid-el-Kabir lunch at his country home in Daura, Katsina State, Muoghalu urged the President to respect the autonomy and independence of the CBN as enshrined in the enabling Act.

Writing on his personal twitter handle, he urged the President to carry out its functions unencumbered and stop “directing” the apex bank of which he was a deputy governor between 2009 and 2014.

Also, this is the time, he stressed, for the CBN to assert “its independence (assuming it actually believes it should be independent, but the Act says so, clearly!)”
Continuing, he lamented that “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!

“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.

“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,” he stressed further.

https://investdata.com.ng/2019/08/fx-ban-respect-autonomy-stop-ordering-cbn-muoghalu-tells-buhari/

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