President Buhari to summon CBN Governor and Finance Minister to find out why they are not working together

Let’s condemn him obvious lack of team spirit that the Central Bank of Nigeria (CBN) can plan a huge policy playbook to redesign the Naira without the involvement of the Ministry of Finance. I read how many people argued the indefensible, stating that the CBN has no obligation to discuss anything with the Ministry of Finance.

Good People, I think this thesis is FALSE. Yes, regardless of their portfolios, that the CBN can go ahead with its plan, even after getting the President’s approval, and not telling the finance minister of the country is a bad thing. The CBN can do what it wants but it has an obligation to inform the other MDAS partners (ministries, departments and agencies) so that they are prepared.

You can’t separate mmonetary policies and banking regulations national financial policies and their implementation. The main tasks of a central bank are to maintain the stability of a country’s currency (keep inflation low) and to stimulate employment (manage interest rates). It cannot do these things effectively in isolation without the Ministry of Finance which manages the national budget.

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Don’t tell me that a central bank governor is appointed to win an economic battle without looking at the economic war. If the currency is turned upside down, the fiscal state of the nation becomes in jeopardy. Today our balance of payments will be in trouble as the Naira bleeds against most global currencies as many rush to turn their underground Nairas into USD, GBP, Euro etc. Yes, the CBN action has crept right through the doors of the Ministry of Finance.

We must be objective on national issues. Our CBN Governor and Minister of Finance must work as a team to serve Nigeria. The President must send a note to the two and ask them to work together on any major policy, because the fundamental difference between what the CBN does and what the Ministry of Finance should celebrate, in front of Nigerians, is half a dozen and 6. Indeed, the President might not have been aware that the Ministry of Finance was unaware of the naira overhaul plan. He must summon them immediately to address any element of lack of team spirit in this important part of government.

LinkedIn Summary

In this article, I write that President Buhari is to summon the Governor of the Central Bank of Nigeria (CBN) and the Minister of Finance (Zainab Ahmed) to explain the circumstances which led to an unbelievable accusation that the apex bank was planning to rethink the national currency without input from the Ministry of Finance.

You cannot separate monetary policies and banking regulations from national financial policies and their implementation. The main tasks of a central bank are to maintain the stability of a country’s currency (keep inflation low) and to stimulate employment (manage interest rates). It cannot do these things effectively in isolation without the Ministry of Finance managing the national budget.

Don’t tell me that a central bank governor is appointed to win an economic battle without looking at the economic war. If the currency is turned upside down, the fiscal state of the nation becomes in jeopardy, falling on the doors of the finance minister. In other words, it is impossible for these two leaders not to work together if we expect to get decent results from our leaders.

The Central Bank of Nigeria has not informed the Ministry of Finance of its intention to redesign the naira

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