Oct 19, 2021

Mawazo Writing Africa

Writing about the main

2023: Group Faults Osinbajo’s Comments on CBN, Naira Devaluation

The Nigeria Economic Advancement Forum has fought against Vice President Osinbajo’s declaration on fiscal policy

Osinbajo advised the Central Bank of Nigeria (CBN) on the mid-term performance review in Abuja so that the naira exchange rate would reflect market realities

The group described however, the Vice President’s statement was political, saying that the country’s economic policies should be praised by CBN

FCT, Abuja – One Group, the Nigeria Economic Advancement Forum, has responded to Vice President Yemi Osinbajo’s comment on the mid-term review of performance for ministers, Nigerian business leaders and other senior government officials. Osinbajo said that the current exchange rate is artificially low, which makes investors aware of it would be prevented from bringing in foreign capital for the country.

But the group said, however, that the comments of the Vice President as subtle criticism of the economic policy of the federal government, in which he is also active ,.

In a statement released Tuesday, October 12, National Chairman Abduljamid Musa and National Secretary Mercy Daniel of the group wondered why Osinbajo was up has now waited before giving the advice.

It is alleged that the Vice President’s statement could be considered political if critically examined, especially as the race is on the 2023 parliamentary elections will be dramatic every day.

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The statement said it was worrying that the comment came at a time , in which Nigeria like other nations strives to restore its economy after the devastating Describing the Vice President as “the biggest bouquet in town” , the group wondered why Osin bajo would speak out against the monetary and fiscal policies of a government he serves as the deputy commander and head of the economic management team.

According to the group, the just-finished mid-term performance review was an inadequate platform for Osinbajo to ask the CBN governor to adjust the naira exchange rate “as market-driven as possible” in order to increase supply.

That contradicted it too Vice-President’s statement that the naira exchange rate “was artificially low and prevented foreign capital inflows into the country.”

The forum found that that CBN has been working diligently since the pandemic to contain the naira’s rapid fall against the dollar ämmen.

It has been alleged that the CBN under Emefiele has often stated that no currency is maintained at a fixed rate and that the value of any currency equals the strength of the economy of the affected nation.

The group also issued a long list of the economic policies of the CBN under Emefiele, calling on the Vice President to express his position in support of the activities of the Apex Bank and its governor .

President Buhari supports Osinbajo regarding the need for synergies between fiscal and monetary policy

It was reported that during his remarks on the occasion of the opening of a Two-day closed-door meeting to review ministers’ performance, Osinbajo urged the need for synergies between the Central Bank of Nigeria (CBN) on the money side and the ministries, departments and government agencies on the finance side.

At the end of the closed session on Tuesday, October 12th, the President spoke. Stre recognized the need for synergies between the country’s financial and monetary authorities in order to keep the economy on a growth path.