Moghalu Warns President Buhari Over CBN Directive On Food Importation

One-time Governor of the Central Bank of Nigeria and 2019 Presidential candidate of the Young Progressive Party, Kingsley Moghalu has cautioned President Buhari over giving directives on policies to the Central Bank of Nigeria.

Moghalu said that the CBN was an independent institution suggesting that it wasn’t under the jurisdiction of the President to order directives on its policies.

He made this known in a reaction to call for an end on forex for food importation. The former CBN governor also said the CBN should desist from taking directives from people who held political positions or are in political authority.

Moghalu made all his thoughts known via his Twitter handle where he condemned the directive given to the Central Bank by President Muhammadu Buhari on foreign exchange for food importation.

He suggested that the apex bank wasn’t a ministry and so shouldn’t be “directed” by the President of the Federal Republic

The YPP candidate at the 2019 Presidentail elections cited Article 1(3) of the CBN Article 2007 reiterating that the apex bank remains an independent body in the discharge of its functions as the Central Bank of Nigeria.

He went on to say that while the Nigerian market should be regulated and guided manner that creates a level playing ground, such policies should not be influenced by political authorities moreso by institutions like the Central Bank which are supposed to protect the people’s interests from the whims and caprices of politicians.

He said that it was sad that the apex bank had lost its independence and pointed out weak institutions as the major culprit in the weakening economy, growing poverty and instability.

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Moghalu further advised President Buhari to desist from interfering with the operations of the apex bank. He stressed that the President was not in the position to give directives and should instead let the apex bank discharge its mandate independently within the ambit of the CBN Act.

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