Kanu, Igboho To Regain Freedom as Naira Policy Divides Experts

 By Babajide Okeowo

Kanu, Igboho To Regain Freedom as Naira Policy Divides Experts
President Bola Tinubu

·  Amaechi,  Magashi  for interrogation

·  Tinubu suspends rail projects

With mixed reactions still trailing the removal of fuel subsidy, harmonization of exchange rates and other proposed fiscal and monetary policy measures by his Policy Advisory Council, President Bola Ahmed Tinubu is said to have moved to consolidate the mileage of his leadership legitimacy, so far, with the invitation of more past ministers and chief executives of agencies for interrogation on projects and abuse of office.

His next phase of plan to gain mass appeal from the people of South-East and consolidate his support from the South-West, MMS Plus gathered is the release of the leader of the outlawed Indigenous People of Biafra(IPOB), Mazi Nnamdi Kanu from prison and set the stage for the return of  Chief Sunday Adeyemo(Igboho),leader of the Yoruba Nation separatist movement who has been in the Republic of Benin since release from prison.

Our impeccable source also disclosed that two ex-ministers under Muhammadu Buhari regime: Former Minister of Transportation, Rt. Hon. Rotimi Amaechi and former Minister of Defence, Bashir Salih Magashi have also been listed for invitation and interrogation on the stewardship of their offices.

Recall that MMS Plus last week reported that some past and present political appointees have been shortlisted for arrest, interrogations and detention if need be. And shortly after, the chairman of the Economic and Financial Crimes Commission (EFCC), AbdulRasheed Bawa was arrested and detained, while the former Attorney General of the Federation and Minister of Justice, Mallam Abubakar Malami is on hook.

MMS Plus further learnt that the President has directed the suspension of all works at the Port Harcourt- Maiduguri eastern rail project as well as Kano-Maradi rail project pending further directives.

Also, the President directed the Central Bank of Nigeria (CBN) to stop further payments to the Ministries, Departments and Agencies (MDAs) of the Federal Government, following which MDAs have placed embargo on payments to their creditors till further notice.

Findings revealed that the development has grounded activities at the MDAs as many workers now idle around while some embark on personal unapproved leave.

 Meanwhile, the decision of the Federal Government to allow the Naira, Nigeria’s currency to float freely has torn Johnson Chukwu, Founder and Group Chief Executive Officer, Cowry Asset Management Limited, and Bismarck Rewane, CEO of the Financial Directive Company and economic adviser to former President Muhammadu Buhari two of the country’s top economic experts apart.

While Rewane is of the opinion that floatation is the right thing, Chukwu disagrees, saying there is nowhere in the world where the currency is allowed to float freely.

Rewane explained that it is a welcome development and that in the short run, “the most efficient hands are the hands that will push the market into equilibrium.”

He said, “First, the announcement is one thing; fiscal adjustments are another. But fundamentally, when you begin to accept that things are no longer the way they are, Nigerians will have to accept.”

Disagreeing, Chukwu in an interview on Arise TV monitored by MMS Plus disclosed that with the monopolistic nature of the market where the Central Bank of Nigeria is the key market maker in the FX market, the idea to float the naira was a wrong one.

“There is nowhere in the world where the currency floats freely, everywhere in the world, the central banks will weigh in into the market to stabilize the exchange rate within a particular bracket.

It is either they are selling to ensure that the currency does not strengthen too much or they are buying to ensure that it does not weaken too much.

And that is the role that we expect the CBN to play in the nearest future. Currency management is the core role of the Central Banks around the world.

Beyond that, elsewhere in the world, Central Banks are always reserve banks, this means that the Central Bank is the lender of last resort, the one who defends the currency” he said.

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