The Labour Party presidential candidate, Peter Obi, has said that Nigeria's Central Bank Governor, Godwin Emefiele, is not the cause of the fiscal challenges facing the country.
While speaking at the Chatham House in London on Monday, Obi attributed the weakness of the country’s fiscal space is the cause of the country’s economic woes.
“The CBN governor will maintain his independence, he will be respected.
"Again, it is not the problem of the person there.
"Central Bank has a role of monetary policy. Then, you have the fiscal space.
"It’s like you go to a football match and the person who is supposed to be playing a particular wing is no longer there. You find people playing various wings.
“The weakness of the fiscal space allowed the monetary space to take over because of the weak governance structure, that is why we are able to do what we are doing.
“Replacing Godwin (Emefiele) and putting somebody else there, with that level of fiscal rascality, which is what is fuelling our inflation and our rate of exchange today.
"These are some of the things we need to cut. As long as the government continues on that fiscal rascality, our situation will occur.”
|Currencies||Buy Rate||Sell Rates|
|USD - NGN||415.23||416.23|
|EUR - NGN||457.42||458.52|
|GBP - NGN||547.98||549.30|