The presidential candidate of the Young Progressives Congress (YPP) in the 2019 general elections, Professor Kingsley Moghalu, has faulted presidential directive to the Central Bank of Nigeria (CBN)banning provision of foreign exchange for the importation of food into the country.
Professor Moghalu faulted President Muhammadu Buhari’s directive to the Central Bank of Nigeria (CBN) during an interview on Channels Television’s Politics today
“The Central Bank does not require the formal and explicit approval of the President in order to perform its job,” said the former CBN deputy governor.
Moghalu, who cited Article 1 of the CBN Act (2007) noted that the apex bank has been mandated to be independent in the discharge of its responsibilities.
President Buhari had said the directive was important considering the “steady improvement” in agricultural production and attainment of “full food security” in Nigeria.
Moghalu however clarified that President can act exercise his powers by approving on three key areas of the financial institution.
The three areas are: approval of the annual account of the Central Bank, issuance of currency notes and the external investment of the Apex bank
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