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CBN Has Right To Print Money — APC

CBN Has Right To Print Money — APC

ABUJA, (Mandy News) – The Caretaker of All Progressives Congress (APC) in Nigeria on Monday said the Central Bank of Nigeria under Godwin Emefiele was well within his rights to print N60 billion, which has been revealed by PDP Governor Godwin Obaseki, but Nigeria’s Finance Minister Zainab Ahmed denied.

Buhari, a former military ruler, has yet to reacts nine days after Governor Obaseki and the opposition PDP had condemned the central bank for the country’s hazardous financial situation.

What Obaseki said: the governor said that the politicians are concerned about the 2023 election while the country’s economy does not work.

  • “In another year or so, where will we find this money that we go to Abuja to share every month? Last month, we got FAAC for March. The federal government printed an additional ₦50 to ₦60 billion to top-up for us to share,” he said.

What is APC Saying: The National Secretary of APC Caretaker and Extra-ordinary Convention Planning Committee (CECPC) explained that the central bank has the right to print money.

  • “Whether the CBN prints money or not is not an issue. The apex bank should be allowed to perform its mandate.”
  • “The CBN has several ways of creating new money, noting that the money supply in the economy was at the appropriate level.”

 

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