Emefiele Managed Monetary Policy, Not Economy, Lawyer Replies Akpabio

A Constitutional Lawyer, Obe Agu, Esq., has berated the President of the Senate, Godswill Akpabio, the latter’s weekend’s comment on the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, saying the immediate-past apex banker managed monetary policy and not Nigeria’s economy as erroneously portrayed by the number three citizen.

Agu, in his reaction to Akpabio’s allegation against Emefiele at Ikot Ekpene Stadium over the weekend, said Emefiele was saddled with the
responsibility of managing exchange rate and inflation as Head of monetary policy but not the economy.

Recall that the Senate President while addressing his kinsmen from Akwa Ibom North-West Senatorial District of Akwa Ibom State during an homecoming reception, had accused the former CBN governor of leaving behind a “foamy economy”, insisting Emefiele had “left a very big hole in the national treasury. I still stand by my position.”

But, the Constitutional lawyer in a statement said Akpabio, who is a lawyer, should be learned enough to make distinction between who manages monetary policy and the economy and if he does not know, he should rather learn than bringing the noble profession and office he holds as head of lawmaking institution to disrepute by such comments.

Agu said: “The CBN Act of 2007 charges the Bank (hence its Governor) with the overall control and administration of the monetary and financial sector policies of the Federal Government.

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“Going by the Act, the objects of the CBN are to ensure monetary and price stability; issue legal tender currency in Nigeria; maintain external reserves to safeguard the international value of the legal tender currency. Promote a sound financial system in Nigeria…

“Consequently, as the CBN Governor, Emefiele was in charge of exchange rate and inflation, while the Fiscal authorities managed the economy. When Emefiele was removed, the official exchange Rate was N500/$1 and parallel market rate was N750/$. Today exchange Rate is N1,491/$.

“When Emefiele was removed inflation was 21 percent, today inflation is above 32 per cent. Nigerians know better.

“Given the present economic realities, former Central Bank of Nigeria Governor Godwin Emefiele’s performance arguably puts him as the best central bank governor in the history of Nigeria.

“To this extent Akpabio should learn, hide his head in shame and face his ordeal of being able lead the Senate as its President and the National Assembly as the Chairman. Honestly, the National Assembly under Akpabio is yet to come clean on the allegations of budget padding, amongst others.

“That Nigerians are keeping quiet because they are confronting other challenges facing them does not imply they are convinced about the issue swept under the carpet with the suspension of Senator Abdul Ningi who raised the alarm. Therefore, he mind the way he talk thinking Nigerians are don’t know that the legislature he leads is adding salt to their injury.”