Stop Using Central Banks For Illicit Funds, Buhari Urges AACB

President Muhammadu Buhari has called onall governors of Central Banks in Africa tobring an end to all forms of illicit flow offunds out of the continent. The president stated this while speaking atthe opening session of the 2016 annualmeeting of the Association of AfricanCentral Banks.President Buhari, however, regretted thatthe African financial system had become averitable platform for the transfer of stolenfunds."In Nigeria, the Central Bank of Nigeria hasfor many years spearheaded economicstimulus measures through specificintervention programmes. I think thesemeasures should be sustained throughgood times and through difficult times," hesaid.Rather than using the banks as a platformto tranfer illicit fund, Buhari advised thegovernors to use it to develop a monetarypolicy that can take out the continent fromeconomic doldrums."We fully understand that monetary policyalone is not sufficient to bring aboutdesired economic growth. We mustcarefully balance monetary and fiscal policymeasures."For us in Nigeria, while recognizing thechallenges we are confronted with and theneed to surmount them, we are determinedto diversify the economy away fromexcessive reliance on oil and other primaryproducts. Consequently, we are takingmeasures and implementing policies thatwould ensure we are self-sufficient,generate massive employment for millionsof our youth, and explore our untappedhuman and natural resources," he said.