N60bn controversy: CBN’s duty is to print money and lend to govt – Emefiele

CBN Governor Godwin Emefiele says it is the duty of the bank to print money and lend out to government
CBN Governor Godwin Emefiele says it is the duty of the bank to print money and lend out to government
CBN Governor Godwin Emefiele says it is the duty of the bank to print money and lend out to government

By Kazeem Ugbodaga

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele on Friday said it is the duty of the bank to print money which can be lent out to government.

Emefiele’s comment comes following allegation that N60 billion were printed by the apex bank which was used in paying the March Federal Allocation to states.

Governor Godwin Obaseki has opened can of worms, saying that the N60 billion shared by the Federal Government to states as allocation were printed by the CBN.

The CBN had said it did not know what Obaseki was talking about as it never printed money.

But Emefiele’s tweet on Friday seems to have buttress Obaseki’s claim that N60 billion was printed and lent to the government.

He said the concept of printing money was about lending money, and that it was the job of CBN to do that.

The CBN governor added that it would be irresponsible for the apex bank or any Central Bank to stand idle and refuse to support its government at a time like this.

The concept of printing of money is about lending money and that is our job…It will be irresponsible for the CBN or any Central Bank or Fed to stand idle and refuse to support its government at a time like this,” he tweeted.

3 COMMENTS

  1. Governor Obaseki played to the gallery by not realizing that one of the functions of the Central Bank of Nigeria is to print new currency. By going and castigating the Federal Government, he displayed sheer ignorance. Obaseki should as well return the allocation he collected based on money not substantiated by reserves.

  2. Can the uneducated Minister of Finance come out now to speak. Nigerians can see now that she lied and deceived the public that no money was printed. Even the central bank said earlier that no money was printed and that they don’t know what Governor Obaseki was talking about. As long as the Presidency is the father of liars, lies will continue to be the order of the day in Nigeria.

  3. There seems to be no-one in this government that can speak or admit the truth… even the minister of finance inclusive! A bunch of liars and propagandists!!

What do you think?

This site uses Akismet to reduce spam. Learn how your comment data is processed.