Oluniyi Bode 6 minutes ago · Edited Isnt it ridiculous for the Central Bank to on one hand complain that it does not have the enough reserves to defend the Naira and on the other hand open up access to BDCs to draw as much forex from it as they can muster funds. The same CBN that has continued to shout blue murder about the use of forex by BDCs. We have not forgotten that the same CBN has alluded in several ocassion to the dollarisation of the Nigerian economy. Why do we allow Sanusi to do as his spirit directs him without questioning his rationale and that of other MPC members. Are there no economists anymore that can subject this decisions to critical review. Any sincere observer of actions taken by the CBN on exchange rates and forex reserve should have senn that it has been a cacophony of actions without direction.My take is that the CBN as led by Sanusi has decided to erode the reserve instead of managing it and then turn around to acccuse government of reckless spending of reserves. No rational central banker will leave its resrves open for deplwtion as the CBN is doing in thw face of dwindling reserve accretion. Has Sanusi suddenly realised that politicians need to stash dollar for the prosecution of 2015 election and has decided to help them upfront before his tenure is up. Nigerians think! Sanusis tongue in cheek policies are deliberately deceitful and for the benefits of a few. You may tell me about the need to maintain macroeconomic stability. Yea right for the foreign portfolio looters, sorry sanusi and government call thwm investors. They come I for the high returns they get from CBN treasury bills and government bonds, loot the economy at a bleeding rate of 10percent upward and sanusi assures they do nit loose any sleep over devalyation of Naira by assuring them that he will rather waste the reserves than they loosing money through depreciation of Naira.Sanusi obviously is aiding and abetting both internal and external looters with national wealth. Somebody should caution this man that fritters away wealth. This is what yoruba calls Akotileta. Enough is enough. Let me also say thar many Nigerians are actually guilty of the same thing Sanusi is guilty of as much as they prefer to eat abroad, school abroad, rest abroad, heal abroad, wear abroad. Basically they stay in Nigeria to loot Nigeria and take the money abroad to spend. Enough is enough!
Posted on: Wed, 29 Jan 2014 10:53:11 +0000
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