Emefiele promotes Recession by deliberately Denying Nigerian Masses Access to Money
The Central Bank governor Godwin Emefiele has categorically rejected demands by Governor Nasir El-Rufai, Finance Minister Kemi Adeosun and yours truly, for the CBN to reduce interest rates to enable small businesses have access to funds to ease the recession and promote growth.
According to a report in the Vanguard, Emefiele argued that when N1trillion was recently injected by CBN into the economy or made available to the banks, that rather "than loan this money to the banks or loan them to the consumers, or agriculture and manufacturers, like we said in the communique, we found that those credit went to traders, who used them to demand for foreign exchange, which ended up putting pressure on the foreign exchange market... Subsequent to that, we said since this money wasn’t deployed directly..."
Is Godwin truly afraid of the masses' demand for forex or reserving it strictly for the cabal systematically gifted billions at the CBN subsidized rate?
Can an economy come out of recession with such controlling and constricting policies? Can a nation survive under such regimental and biased scrutiny? Can a nation survive if and when small enterprise is intentionally murdered? At what cost will the myopic and cabalophilic Godwin imagine and pretend that he is protecting the Naira?
How long will Nigeria and the Buhari government continue to allow a single man in charge of the Apex bank and his cabal cronies own the nation while everyone else and all small businesses are driven out of existence?
As Jean-Jacques Rousseau said, in the lead-up to the French revolution and war of the French masses against the cabal and oligopolists, "one day the poor will have nothing left to eat but the rich." That day cometh.
Dr. Peregrino Brimah