Leave CBN alone - Moghalu tells Buhari over directive on food importation

Leave CBN alone - Moghalu tells Buhari over directive on food importation

- Kingsley Moghalu has cautioned President Buhari against giving directive on policies to the Central Bank of Nigeria

- Moghalu reacting to the call for an end on forex for food importation by the president said CBN is an independent institution

- The former deputy governor of CBN said the apex bank should not be taking directives from people in political authority

A former deputy governor of Central Bank of Nigeria (CBN), Kingsley Moghalu, has condemned the directive given to the apex bank by President Muhammadu Buhari on foreign exchange for food importation.

Moghalu who took to twitter on Tuesday, August 13, urged the president to desist from given the apex bank directives to halt the foreign exchange policy on food importation.

Citing Article 1(3) of the CBN Act 2007, Moghalu said, the apex bank remains an independent body in the discharge of its functions.

He said that while Nigeria's marketplace should be regulated and guided in a rational manner that creates a level playing field, such policy should not be imposed by a political authority.

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According to Moghalu, a major reason for Nigeria's growing poverty, instability and weak economy is weak institutions.

He further advised the president to allow the CBN discharge duty as Nigeria's apex bank independently without any form of interference from those in political authority.

Meanwhile, Legit.ng previously reported that the president had directed the governor of CBN, Godwin Emiefele, to stop the provision of forex for importation of food into Nigeria.

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The president said such move has become necessary since Nigeria has started steady improvement into agricultural production and food security.

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Source: Legit.ng

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