Connect with us
nairametrics

Business News

CBN is no longer independent – Moghalu

Former Deputy Governor of CBN, Kingsley Moghalu, in reaction to President Buhari’s order to the apex bank to ban FOREX on food importation, has said that the bank has lost its independence

Published

on

Kingsley Moghalu, Food importation ban

A former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu has reacted to President Muhammadu Buhari’s order, directing the apex bank to ban FOREX on food importation. In his reaction, Kingsley Moghalu said the Central Bank has lost its independence.

In a series of tweets posted after the President gave the directive, Moghalu said the issue isn’t whether or not CBN should allow access to Forex for food imports. According to him, it is about whether such an economic policy should be imposed by a political authority.

[READ ALSO: CBN sets N650,000 as accreditation fee for personalised cheques]

Moghalu made known that an economic policy like the new directive is a major reason for the country’s poverty and instability. He also emphasised that a weak economy begets weak institutions.

The former United Nations Officer further stressed that Nigeria’s marketplace should be regulated and guided in a rational manner that creates a level playing field.

GTBank 728 x 90

Moghalu’s tweets read, “Our economy will not be saved by Ad Hoc political decisions like this, handed down by the very institutions that should be shielded from the whim and caprice of politicians.

“Nigeria’s entire economy appears to have been sub-contracted to our Central Bank, including industrial and trade policy. In the process, the economy has fared poorly, and the Central Bank has lost its independence. This is sad!

“@NGRPresident should leave @cenbank alone to discharge its mandate independently within the ambit of the CBN Act and stop ‘directing’ it. @cbnbank should on its part assert its independence (assuming it actually believes it should be independent, but the Act says so, clearly!).”

Coronation ads

[READ ALSO: CBN reacts to exchange rate policy change, says Naira not “floated”]

Nairametrics had reported that President Buhari, in a statement, directed the Central Bank to stop providing FOREX for the importation of food into the country.

What you should know: One of Nigeria’s Foreign Exchange Windows is the Investors’ and Exporters’ windows (I&E FX Window), where investors transact foreign currencies for investing purposes. In this market, foreign currencies are usually pegged as the CBN is equally a participant.

By restricting FOREX for food, it means food importers will have to source for FOREX through the parallel market or other means.

Buying from the parallel market or other sources come at a high cost, and this may trigger the general price level and prices of food items will jack up.

Jaiz bank ads

Restricting FOREX for food importation is indeed a welcome development, however, the Presidency needs to cautiously approach this, as the policy may nosedive the economy into stagflation (a condition of slow economic growth and relatively high unemployment, accompanied by rising prices).

Stanbic IBTC

[READ ALSO: $1 billion military spending shrinks Excess Crude Account to $480 million]

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

1 Comment

1 Comment

  1. Dan M

    August 14, 2019 at 6:51 pm

    I totally agree with Dr Moghalu. Despite the President’s best intentions, this isn’t the proper way to run a country. There are so many considerations that go into framing up economic policies or tinkering with levers. And in some cases, decisions that seem rational might not yield the anticipated results. We as a matter of urgency need to get professionals into the right offices and allow them do their jobs. There isn’t any other way to make progress. No shortcuts! No winging it!!

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Corporate Press Releases

Benefits of having an immutable ledger to the healthcare system

EHR Data’s vision is for both the healthcare industry and individual patients to benefit from the blockchain platform housing healthcare records.

Published

on

Technological progress has paved the way for advancements in medical science; and ample healthcare data that has made momentous contributions in the treatment of various diseases. However, there is still a lot more to be done. The current pandemic has shown everyone that data silos are not equipped to handle a huge amount of healthcare information. So many people are dying all over the world; and many of these can be prevented with enough transparent patient data within the healthcare sector.

In the latest Bitcoin news, on the second day of the CoinGeek Live conference, data platform EHR Data presented their concept of clinical healthcare data that are stored, shared and managed at an individual level on the blockchain, which is a globally distributed digital ledger.

Currently, healthcare data are stored and accessed only on private servers and transferred to third parties who request for the data. According to Chief Clinical Officer Cheryl Jorgenson, real-time clinical information cannot be accessed, clinical services cannot be tracked and there is nonexistent workflow integration in data structures at present. Patients also have no say in how their healthcare history is stored. Many even find themselves in a bind when trying to access their own personal healthcare data.

Blockchain Technology Used for Healthcare Data

Satoshi Nakamoto first used blockchain technology as an immutable database where all Bitcoin transactions are stored. It is distributed in that all nodes on the Bitcoin SV (BSV) network have a copy of the blockchain; and it is immutable because data recorded on the blockchain cannot be changed or altered.

GTBank 728 x 90

Headed by Jorgenson, Chief Scientist & Consultant Ron Austring and Director of Product Design Joseph Eckstein, EHR Data proposed that a marriage between healthcare data and blockchain technology is the solution to the lack of transparent healthcare data. This will then create the world’s biggest health data set. EHR Data envisions healthcare records to be stored at a personal level, meaning patients will have control over who can access their data, on what terms and for how long.

Healthcare data on the blockchain can have multiple uses through micro transactions and smart contracts. In building this blockchain platform, EHR Data said they hope to improve the way private healthcare data is accessed, managed and even monetized. This is certainly big Bitcoin news for blockchain technology to be used in such a relevant manner.

Coronation ads

Benefits of Housing Healthcare Data on the Blockchain Platform

EHR Data’s vision is for both the healthcare industry and individual patients to benefit from the blockchain platform housing healthcare records.

  • This data model is built with the capacity to assimilate to the various systems being used by hospitals and other medical organizations. Inter- and intra-operability of data is the main objective—being able to provide “a single source of truth powered by the BSV blockchain.”
  • Through the use of the BSV blockchain, which is highly scalable, this new data system can widen its range to more states, more countries and more drug types. It will consolidate healthcare data and systems into a more practical and accessible format.
  • Consumers of healthcare need not remain as mere consumers anymore. This proposed model allows patients to benefit from more positive health results and lowered healthcare costs brought about by an upgraded data structure. Individuals can also earn money by allowing medical and pharmaceutical institutions to gain access to their personal healthcare data for research and other uses.

This most recent Bitcoin news could not have come at a better time. With the ongoing pandemic, this proposed model of using the BSV blockchain to power a new healthcare data system not only serves to benefit national and global healthcare, but also provides individuals with a new source of income.

Jaiz bank ads
Continue Reading

Coronavirus

Covid-19: African Union in talks with China and Russia over vaccine

The AU and Africa CDC have revealed that they have reached out to both China and Russia over the possibility of vaccine partnerships.

Published

on

Covid-19: African Union in talks with China and Russia over vaccine

The Africa Centres for Disease Control and Prevention and the African Union announced they have been in talks with China and Russia over the possibility of vaccine partnerships to ensure that Africa is not left behind when vaccines become available.

This was disclosed by John Nkengasong, Africa CDC Chief, at the Bloomberg Invest Africa online conference.

READ: Covid-19: Pfizer to file for emergency authorization for its vaccine, reaches safety milestone

Mr. Nkengasong said that Africa would not limit itself to only one vaccine partner and that Africa was willing to work with as many partners as possible to provide a vaccine for its 1.2 billion people.

“We are not limiting ourselves to any particular partner. As a continent of 1.2 billion people, we are willing to work with any partner who adheres to our strategic plan for vaccine development and access in Africa.

“The continent is taking the access and development of vaccine very, very seriously. We really need to see clinical trials being done on the continent, so they address issues like background infections from other diseases.”
He disclosed that the Africa CDC resumed talks last week with China, to discuss partnerships with Chinese Drug Manufacturers and also clinical trials in Africa. He added that Russia has been approached with a similar plan.

He said that the WHO Covax programme only covers 20% of the population, but Africa will need 60% of its population vaccinated to achieve herd immunity.

GTBank 728 x 90

There are multiple avenues being explored now to make sure Africa has the appropriate doses of vaccines and also that we have that in a timely fashion, not in a delayed manner,” Nkengasong said.

He revealed that the AFREXIM Bank agreed to finance vaccine procurement with $5 billion and is waiting to see how much it will receive from World Bank’s $12 billion vaccine procurement fund for developing nations.

READ: COVID-19: G-20 to extend debt relief to developing nations

Coronation ads

What you should know 

Nairametrics reported earlier this month that Pfizer Inc. disclosed that its experimental vaccine, which is jointly developed with BioNTech, was more than 90% effective in preventing COVID-19, based on initial data from a large study in the ongoing phase 3 trials.

(READ MORE: COVID-19: AstraZeneca vaccine could be 90% effective against the virus)

Last week, a pharmaceutical company, Moderna Inc., stated that its COVID-19 vaccine was 94.5% effective in treating coronavirus, after preliminary analysis of a large late-stage clinical trial.

The G-20 nations also announced a pledge to pay for vaccine distribution to developing nations that could not afford it. The leaders also unveiled a debt extension programme to developing nations during the weekend’s G-20 summit.

Jaiz bank ads

The Federal Government of Nigeria also announced through the Ministry of Health, that it would inaugurate an 18-man Covid-19 Vaccine Task Team, in a bid to ensure vaccine security In Nigeria.

Stanbic IBTC

Continue Reading

Coronavirus

Covid-19: EU considers skipping vaccine patents to boost vaccine access

The EU has disclosed plans to increase its access to Covid-19 vaccines by offering financial incentives to vaccine production companies.

Published

on

AstraZeneca suspends COVID-19 vaccine final stage trial over safety concerns, COVID-19: J&J starts vaccine trials on humans after success on monkeys

The European Union (EU) says its planning emergency measures to increase its access to Covid-19 vaccines including sidestepping patent rights and offering financial incentives to vaccine production companies to move production to Europe.

This was revealed in an EU document on Wednesday and reported by Reuters. The Document says the EU may create an emergency coordination mechanism to be issued at short notice when the EU needs a vaccine license, which is different from fully patent waivers, discussed in the WTO last week.

READ: COVID-19: EU to buy up to 300million doses of BioNTech-Pfizer’s COVID-19 vaccine

The EU says the new move will ensure faster procedures during a pandemic, which will enable generic production in the EU without the consent of patent holders.

The Commission sees the need to ensure that effective systems for issuing compulsory licenses are in place, to be used as a means of last resort and a safety net, when all other efforts to make IP (intellectual property) available have failed,” the EU’s document said.

GTBank 728 x 90

READ: COVID-19 boosts Fidson Healthcare Plc’s Q2 2020 performance

The EU’s actions may be triggered by its inability to access the antiviral drug, remdesivir, during the pandemic, as the United States ordered most of the stock.

READ: U.S dollar drops, Currency traders fear increasing COVID-19 caseloads

Coronation ads

The EU also disclosed that it will begin a consultation process with pharmaceutical companies next year to address issues in its pharmaceutical value chains. They added that measures could be imposed to encourage manufacturers to move pharmaceutical production to Europe from China and India.

“The Commission calls on member states to ensure that the tools they have are as effective as possible; for instance, by putting in place fast-track procedures for issuing compulsory licenses in emergency situations,” the EU said.

READ: COVID-19: Vaccine Alliance says vaccine might cost a maximum of $40 per dose

They added that it is urgent “to assess whether manufacturing capacity for certain critical medicines may be required in the EU.”

“We need to be able to rely on ourselves, not on others,” the Commission’s Vice President, Margaritis Schinas said. He disclosed that the EU is working on more compliance with drug supply need and increased stock levels by 2022.

Jaiz bank ads

What you should know

Stanbic IBTC

This comes as surprise considering the EU rejected a World Trade Organization (WTO) proposal last week to waive the intellectual property rights needed for the manufacturing of Covid-19 vaccines. The waiver would have made the vaccine access cheaper for developing nations.

Continue Reading