Naira Scarcity: CBN Must Toe The Line Of Commonsense Now – Group

The North-South Progressives Alliance has lambasted the Governor of Central Bank of Nigeria, Godwin Emefiele for the poor implemented Naira redesign policy that is grinding the informal sector to a halt.

Mr. Ayobami Oyalowo the converner, said this at a news conference on Monday in Abuja

According to him, the CBN in a bid to instantly transform the country to a cashless economy has succeeded in creating an unprecedented economic hardship.

He said “We are gathered here today as patriotic and progressive Nigerians seeking to deliver the soul of this country from the hands of a wicked few who have sworn to make life miserable and unbearable for the Nigerian people and bring disrepute to the good intentions of the President Muhammadu Buhari government.

“It is no longer news that Nigerians are suffering untold hardship as a result of ill-timed, myopic and poorly implemented monetary policy of the Central Bank of Nigeria, who in a bid to instantly transform the country to a cashless economy has succeeded in creating an unprecedented economic hardship attributed part to some of the very policies of the same Central Bank of Nigerian on the past.

“The CBN has sucked out blood from the heart of our economy. While banks across the country are under lock and key, queues at ATM points are growing by the day. In major Nigerian cities like Kano, Lagos, Portharcourt, Enugu, Asaba and Maiduguri, you could count the number of banks that are in operation, since there are no cash to service the growing list of customers requesting for their money. Farmers are loosing their harvest because nobody is buying them. The few who are lucky to get buyers are forced to sell at ridiculously cheap prices just to dispose of what they have.

“The informal sector is grinding to a halt and a yet to be determined amount of jobs are being lost on a daily, because the life blood of their operations have been disrupted by a policy the management of the Central Bank of Nigeria does not have the capacity to actualise.

“We have seen video evidences of elderly men and women writhing in pains, some of them crying their hearts out because they cannot access their own money to buy drugs, food or meet other basic needs. Those who are not so lucky have paid with their dear lives and only time can tell how many more will pay the supreme price for no fault of theirs.

“Despite this glaring and sad realities, the Central Bank of Nigeria, under the management of Godwin Emefiele has refused to review the failed policy and make amends where necessary. Instead, the CBN Governor has continued to lie to the Nigerian people, claiming to have enough money in circulation, while blaming the banks for creating the scarcity of the new notes, even when many of them do not have access to the currency he claimed is widely in circulation. Not even the intervention by the National Council of States who advised that the old notes be recirculated has yielded any action from Emefiele.

“Even the call by the International Monetary Fund (IMF), The World Bank and many other national and international bodies have been ignored by the CBN governor. The CBN under Emefiele is simply playing the ostrich, thus putting a spammer in the wheel of the progress made by the President Buhari led administration in the last 8 years.

“The North-South Progressives Alliance is deeply offended by the ineptitude of the CBN governor whose policies, rather than accentuate the economic growth of the country has become a tool for not only the destruction of the economic fabric of the nation but the dignity of the Nigerian people.

“It is for this reason that we have gathered here today to add our voices to that of the Nigerian Governors Forum and many other organized bodies and individuals in Nigeria to ask the CBN to allow common sense prevail. While we are convinced that there are more to this policy as intended by Godwin Emefiele than meets the eye, it is absolutely nonsensical to put millions of Nigerians in jeopardy just for the purpose of targeting one or a few individuals whose interest does not align with his.

“This is not time to plot an evil agenda, but the time to put hands together for the growth of the economy especially in the face of a global downturn. The cashless policy is ill-timed, poorly implemented, wicked, anti-people and anti-Nigeria. The Central Bank of Nigeria must hasten to the call by notable individuals and organizations, both within and outside the country by not only reviewing the policy, but putting in new measures that will ease the hardship on Nigerians in a matter of days.

“It is also trite to demand that the head of the apex financial body, Godwin Emefiele resign forthwith, since he has not only run out of ideas but also lacks the capacity to tap into the ideas of those who have freely offered them in ensuring that a quick and sustainable solution to the current hardship faced by Nigerians are brought to bear.

“The North-South Progressives Alliance want to use this opportunity to warn those who are overtly or covertly using the poorly implemented policy and the chaos it has brought upon the country to grab on to power to be weary of the wrath of the Nigerian people. We have been inundated with reports that some elements within and outside the corridors of power are deliberately promoting the failed policy so as to push Nigerians into unrest across the country, force the postponement of the general election and create a state of emergency so as to hand over power to an interim government to enable them continue their selfish agenda on.

“Let it be known that Nigeria remains a constitutional democracy, and the ballot remains the only recognized process through which leadership can be enthroned in the country. Any attempt to force any or a selected few on Nigerians through any back door channel shall be vehemently rejected and we shall not hesitate to mobilize Nigerians across board to resist such plan even before it is hatched. This is our word of caution. Those who have ears, let them hear.

“We also wish to use this opportunity to speak to those who are threatening to silence our members from speaking against their evil and devilish agenda. We are the North-South Progressive Alliance. We can never be silenced. Let them be told that we will mobilize every available human and material resources to stand firm and resolute behind every of our member.

“Wherever you are in the corridors of power, we shall defeat you.

Tunde Alade

Tunde is a political Enthusiast who loves using technology to impact his immediate community by providing accurate data and news items for the good of the country.

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