![[Full Circle!!] Politicians now run monetary policy in Nigeria](https://nairametrics.com/wp-content/uploads/2015/09/Buhari-3-600x330.jpg)
Earlier last month we asked on Nairametrics if the CBN has lost its independence.
Well I guess we now have our answer.
Nigeria’s President Muhammadu Buhari said today in an interview with France 24 that he does not think the country’s currency, the naira, should be devalued again.
I don’t think it is healthy for us to have the naira devalued further. That’s why we are getting the central bank to make modifications in terms of making foreign exchange available to essential services, industries, spare parts, essential raw materials and so on — but things like toothpicks and rice, Nigeria can produce enough of those,” Buhari said.
Nigeria’s central bank has imposed progressively tighter restrictions on access to foreign exchange in an effort to prop up the naira, which has been sliding since the slump in global crude prices last year.
In June, it restricted access to foreign exchange for the import of 41 items ranging from rice and toothpicks to steel products and glass.
So there you have it the puppet master that has been the directing Emefiele’s actions has just been unveiled.
We don’t think this movie will end well.
I think that the independence of the CBN has always been a relativistic notion. Right now the focus point is on the needs of the Nation. The CBN is dedicated to the financing of those needs. I see your point but, I think your perspective is a little too idealistic for the very non-ideal space we exist in.