ABUJA (CU)_ The CBN Act of 2007 was set up by the Central Bank of Nigeria (CBN) in order to regulate several monetary operations in the country, including the printing of money. However, recently, experts have begun to question how far the central bank complied with this statute in the recent past. According to Edo State governor Godwin Obaseki, in the month of March, the federal government printed an additional 60 billion naira to augment federal allocation. On the other hand, a report issued by research and data analytics organisation Dataphyte revealed that since 2015, Nigeria printed over 19.03 trillion, and that the bulk of money was utilised in recurrent expenditures disproportionate to economic activities. Therefore, experts claim that this unrestrained reliance on money printing and the consequent inflationary pressure poses a great threat to the country’s essentially fragile economy.
Here, it is noteworthy that on rare occasions…
