According to a report in the Vanguard, Emefiele argued that when N1trillion was recently injected by CBN into the economy or made available to the banks, that rather “than loan this money to the banks or loan them to the consumers, or agriculture and manufacturers, like we said in the communique, we found that those credit went to traders, who used them to demand for foreign exchange, which ended up putting pressure on the foreign exchange market… Subsequent to that, we said since this money wasn’t deployed directly…”
He further said: “But we said we are not going to allow the banks to really have the cash until they send proposals to the CBN for primary agric projects, new manufacturing projects and other projects that will spur industrial capacity and manufacturing output.”
Is Godwin truly afraid of the masses’ demand for forex or reserving it strictly for the cabal systematically gifted billions at the CBN subsidized rate?
Can an economy come out of recession with such controlling and constricting policies? Can a nation survive under such regimental and biased scrutiny? Can a nation survive if and when small enterprise is intentionally murdered? At what cost will the myopic and cabalophilic Godwin imagine and pretend that he is protecting the Naira?
Highly depressing about Godwin and his Monetary Policy Committee, MPR’s choices is his undying support for the cabal. The same Godwin Emefiele has been accused of donating billions of dollars to the cabal with little scrutiny, thereby directly leading to the recession. A recent Reuters review of just three months in 2016 found that under Godwin’s policies, a single cabal, Aliko Dangote was gifted as much as $100 million for his ventures. This would total as much as half a billion dollars for 12 months given to one man in forex subsidy advantage. While the nation was denied such advantage in forex subsidy for refined petrol imports causing hiked pump prices, nationwide inflation and economic collapse.
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