Monday, October 3, 2022
HomeNewsU.S. prints money, CBN can print N60 billion: APC

U.S. prints money, CBN can print N60 billion: APC

The All Progressives Congress (APC) says the Central Bank of Nigeria under Godwin Emefiele can print as much as it wants because apex banks in countries like the U.S. do the same.

Governor Obaseki and the PDP had censured President Muhammadu Buhari’s regime and the central bank for the country’s precarious financial situation.

The PDP explained that central banks all over the world printed money during the financial crisis of 2008 and 2009.

“The Reserve Bank of the U.S printed dollars to bail out companies that were too big to fail. There is nothing wrong with printing money, provided it is well managed.

“There is no evidence that the CBN is inefficient in managing the monetary aspect of the Nigerian economy.

“Let us not forget that the CBN is a banker to the government and has exercised such function efficiently and effectively,” said John Akpanudoedehe, the National Secretary of APC Caretaker and Extra-ordinary Convention Planning Committee (CECPC).

He stated this in a statement on Sunday in Abuja.

“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,” he added, noting that the money supply in the economy was at the appropriate level.

Mr Akpanudoedehe pointed out that the PDP needed to understand how money was created, saying that its utterances concerning CBN operations will create problems for the economy.

He advised the PDP to join hands with the APC to clear the mess it left behind, noting that to destroy is very easy, but to build is a task the APC is committed to.

He added that the development function of the CBN had resulted in various intervention funds in several sectors of the economy.

He said the APC inherited an economy that showed signs of a recession from 2012, stressing that the economy left by the PDP had no forex to run the system.

According to Akpanudoedehe, looting of our commonwealth was unprecedented during the PDP administration, even as productivity declined.

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