L
LequteMan
Guest
The Director of Monetary Policy Department of the Central Bank of Nigeria (CBN), has denied reports that President Muhammadu Buhari decides for the CBN.
He mentioned this while speaking with TheCable on Friday.
When asked if Buhari could influence the decision of the CBN on foreign exchange policies as said by Lagarde, considering the autonomy of the apex bank, Tule said: “Madam Lagarde knows better than what you have just said and she would never say that she hopes the president changes the monetary policy and I can bet you that she did not say so.
“What she would have said is that the country should consider revisiting its monetary policy and look at the possibility of a flexible exchange rate. That Madam Lagarde can tell you and she said this also when she visited Nigeria in January.
“That is different from asking the president to change the monetary policy; she knows that the central bank of Nigeria has autonomy in its operations and in the conduct of its monetary policy.
“Let me also add that in today’s world, governments are careful in intervening in the way the central banks conduct monetary policy because monetary policy is a public good and if you don’t do it properly, it’s clear to everybody that you are not getting it right. So it is not like a legislature that the government comes and legislate.”
He mentioned this while speaking with TheCable on Friday.
When asked if Buhari could influence the decision of the CBN on foreign exchange policies as said by Lagarde, considering the autonomy of the apex bank, Tule said: “Madam Lagarde knows better than what you have just said and she would never say that she hopes the president changes the monetary policy and I can bet you that she did not say so.
“What she would have said is that the country should consider revisiting its monetary policy and look at the possibility of a flexible exchange rate. That Madam Lagarde can tell you and she said this also when she visited Nigeria in January.
“That is different from asking the president to change the monetary policy; she knows that the central bank of Nigeria has autonomy in its operations and in the conduct of its monetary policy.
“Let me also add that in today’s world, governments are careful in intervening in the way the central banks conduct monetary policy because monetary policy is a public good and if you don’t do it properly, it’s clear to everybody that you are not getting it right. So it is not like a legislature that the government comes and legislate.”
