Edichaj's Blog

A financial and economic management institute has blamed the President Muhammadu Buhari led Federal Government and the Central Bank of Nigeria (CBN) for the Nigeria’s current economic woes and its recent plunge into recession. The institute, West African Institute for Financial and Economic Management (WAIFEM) through its director-general Professor Akpan Ekpo said that the delay in passing and implementing the 2016 budget and the CBN’s monetary and foreign exchange policy stance helped worsened the country’s economic situation. “There was a near absence of fiscal policy – the economy lacks the necessary fiscal buffers. Money and exchange rate policies were the only voice. Rather than implementing quantitative easing, the CBN was interested in tightening monetary policy. When an economy is almost in a recession, monetary expansion would help towards recovery,” he told Vanguard newspaper. He faulted the CBN’s foreign exchange framework was another policy in the...