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First of all, a disclaimer. I am not a fan of espionage in real life. In books and television shows it can be exciting but in real life it can be a bit unnerving, and probably illegal. It’s not great really. Earlier in the week there were reports of all WhatsApp users being vulnerable to malware that basically granted the attacker access to everything on your phone. Cueglobal paranoia. I don’t have anything particularly incriminating on my phone, but I still got a bit paranoid. Imagine if your private conversations were published for the world to hear. Long and short, I don’t approve anyone being secretly recorded.
Secondly, you don’t need to be a fan of conspiracy theories to know that the timing of the release of the recording was not accidental. A purportedly damaging recording released shortly after the governor was nominated for a second term and before his confirmation at the senate? He obviously has some very powerful friends who were not happy with his reappointment. Friends who were fortunately not smart enough to actually know what was going on in the recordings. News flash: there was no N500bn theft being covered up. All disclaimers aside, the recordings shed some light on what was, and still continues to be, problems with the central banks monetary policy strategy.
Monetary policy over the last five years has been almost solely focused on one thing: managing the exchange rate. After the central bank abandoned its attempt to maintain an exchange rate of N199 per US dollar by force, it changed strategy towards a more “flexible” exchange rate system with investors allowed to buy and sell dollars on a willing buyer willing seller basis. However, to entice investors to bring foreign currency to Nigeria it … Read More...