The presidential candidate of the Young Progressives Congress in the 2019 general elections, Professor Kingsley Moghalu, has criticised the presidential ban on providing foreign exchange for the importation of food into the country.
“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 onHe added, “That is another way of saying that the President himself or any political authority outside the bank should not be giving the bank direct instructions.”President Buhari had said the directive was important considering the “steady improvement” in agricultural production and attainment of “full food security” in Nigeria.
He, however, noted that the President can act exercise his powers by approving on three key areas of the financial institution. “First is the approval of the annual account of the Central Bank. The President must approve it. Second is the approval of currency designs.”
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