The Ondo State Governor, Arakunrin Rotimi Akeredolu has lashed the Central Bank of Nigeria (CBN) over the implementation of its redesign naira policy notes at this time when the country prepares for general elections.
Akeredolu while reacting to the hardship Nigerians are going through over the scarcity of the new naira notes, said the CBN Governor, Godwin Emefiele chosing this period to implement monetary policy raises serious suspicion to the partisanship of the bank.
According to him, “The Central Bank of Nigeria, through his Governor, Mr. Godwin Emefiele, who purports to act under the powers conferred on the institution by the CBN Act, has chosen this period, when the country prepares for general elections.
“To redesign the currency notes for sundry reasons, chief among which is the need for the bank to be in control of the currency notes in circulation and checkmate the unwholesome activities of terrorists and their enablers and election riggers”, he said.
Akeredolu noted that the struggles and actual fights recorded in banking halls, ATM and POS points, markets across the country are disquieting.
“The choice of this period for the implementation of a policy, which bears an instant negative impact with no discernible mitigation in sight, raises serious suspicion of partisanship on the part of the CBN.
“The ordinary people are the victims. Depositors can no longer access their monies even to feed their families. Hunger is not anticipated result of a monetary policy.
“While no reasonable person will contend with the decision of the CBN to discharge its statutory functions, the plight of downtrodden must, however, be considered, the Governor said.
He added that majority of Nigerians groan, at present, under the crushing weight of these crises.
“There is pervasive discontent in the land and unless some urgent redemptive steps are taken to ameliorate the debilitating effects of seeming desultory and nonchalant disruptions of their normal simple lives, a series of events with unpleasant consequences is inevitable.
“There is palpable anger engendered by frustration in the land. The wave of discontent increases with unbelievable rapidity across the country.
“The current hardship being experienced by the ordinary people forebodes unpleasant consequences. These crises may set in motion a chain of events the end of which is better imagined”.
Akeredolu asked the CBN Governor, Godwin Emefiele, to come clean on the new monetary policy, adding that Nigerians are practically buying the country’s currency to feed when the people are not in a state of war.
“The fact that the ruling party hopes to present candidates for election in the general elections in the coming weeks accentuates level of suspicion as regards the possibility of having certain elements whose interests stand at variance with the general aspirations of the party and its committed members.
“There is no better way to de-market a brand than this ruthless execution of a pernicious motive. The Federal Government, through the President, must act now”, Ondo Governor said.
Meanwhile, President, Muhammadu Buhari on Friday urged citizens to give him seven days to resolve the cash crunch that has become a problem across the country from the policy of the Central Bank of Nigeria to change high value Naira notes with new ones.
Speaking to the Progressive Governors Forum who came to the Presidential Villa to seek solutions to the cash crunch which they said was threatening the good records of the administration in transforming the economy.
According to the statement released by aide, the President said currency re-design will give a boost to the economy and provide long-term benefits while expressing doubts about the commitment of banks in particular to the success of the policy.
“Some banks are inefficient and only concerned about themselves”, said the President, “even if a year is added, problems associated with selfishness and greed won’t go away.”
He said he had seen television reports about cash shortages and hardship to local businesses and ordinary people and gave assurances that the balance of seven of the 10-day extension will be used to crackdown on whatever stood in the way of successful implementation.
“I will revert to the CBN and the Minting Company. There will be a decision one way or the other in the remaining seven days of the 10-day extension,” the President assured.