The Politics of Foreign Exchange in Nigeria, CBN Governor Emefiele becoming a sacrificial lamb  By Aliyu ilias

Spread the love
Banning forex sales to Bureau De Change in Nigeria would be amounted to daring a cabal with an iron hammer, I commend the apex Bank especially the CBN Governor Godwin Emefiele, the bureau de change in Nigeria is designed to serve some set of people in Nigeria, looking at the antecedent, it was established during the time of  Abdukadir Ahmed, the longest-serving Governor of the CBN, between the year 1982 to 1993, a lot of argument have been put in place that he tends to use it to enhance the economic power of northern Nigeria, as it is also clear that majority of the operators of bureau de change are from the north, to ban the supplying of forex to BDC could indirectly stopping the economic power of the north as in the recent time the wife of the president has been linked to the forex, the former vice president has also been linked to the business hence the end of one of the finest Central Bank Gorvernor.
The politics behind the foreign exchange market in Nigeria might bring the end of the Central Bank of Nigeria Head Godwin Emefiele, has put in place different measures to reduce the value of dollars in Nigeria, it has not yielded a desirable result due to some activities of Bureau De Change among other economic problems, consequently, he decided to take the bold step to stop the sales of forex to Bureau de change
We should not expect anything less in Nigeria as we have lost out on what could engender a better economy in Nigeria. There is always a budget deficit and we are indebted to several international lenders that control the global economy, we are also running a deficit export to import which is a sure instrument for inflation, Nigeria economy is designed to suffer inflation by the handler of the monetary and fiscal policy.
Nigeria as a country cannot compete on all the developmental instruments of the global economy, we do not have enough capital to run the economy as we relied solely on foreign direct investment which has also suffered magnificently due to insurgency, kidnapping among other disincentives for investment in Nigeria.
Nigeria Government did not have the appropriate technology or technology infrastructure to move the economy beyond where we are presently, even the expected number of internet user that is supposed to speak for us could not. Twitter among other companies that could enhance technology-related business is sitting the headquarter office in Africa outside Nigeria.
Nigeria has been unable to industrialize since independence due to lack of infrastructure and power, most companies prefer to have their industry in neighbouring countries and transport their products to Nigeria, Ghana is benefiting from that, common power that is a panacea to industrialization is proven difficult to achieve in Nigeria.
Nigeria Government always looks into more revenue rather than focusing on production, it is crystal clear that when you are producing you will get more revenue and you will have a favourable balance of payment and increase in gross domestic product.
Central Bank of Nigeria is also a bane to a favourable foreign exchange, the internal workings of the Central Bank are favouring some bureau de change operators as they have collaborators inside that is assisting them to assess the foreign exchange, there must be a thorough check and sincerity of purpose from the staff of the apex Bank.

Related posts

Leave a Comment