The Speaker, House of Representatives, Representative Femi Gbajabiamila, recently hammered the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, submitting that “citizens and visitors are experiencing grave and unnecessary hardship across the country”, spending “hours and days queuing at banks and teller machines to receive stipends of their own money to afford life’s necessities”.
In a three-page statement, Gbajabiamila was unequivocal in laying blame for the awry situation at Emefiele’s doorstep.
Nigeria’s number four citizen stated: “This situation is a consequence of the flawed implementation of the Naira redesign policy by the Central Bank of Nigeria (CBN). It is also the result of decisions made by Central Bank of Nigeria’s Governor, Mr. Godwin Emefiele, to refuse counsel, be guided by precedent or abide by the decisions of superior courts.”
Drawing on the CBN Act, 2007, House of Representatives Speaker listed three conditions precedent to recalling existing Naira, including that, first, the President’s permission be obtained, second, that reasonable notice shall be given, while the third is that the CBN shall pay the face value of the recalled currency upon receipt.
Gbajabiamila said: “Whereas reasonable people may disagree as to whether sufficient notice was given for the implementation of this policy, it is evident that Central Bank of Nigeria (CBN) has failed woefully in its statutory to pay the face value of the recalled currency in the form that is useful to the citizens whose current suffering could have been avoided.
“The scarcity of cash is happening because the Central Bank of Nigeria (CBN) did not sufficiently replace the old currency it pulled out of circulation across the country. This created an artificial scarcity that put significant additional pressure on the already epileptic electronic banking channels, resulting in a near-complete collapse of trade in the country. Businesses cannot operate because neither they nor their customers have access to cash , and electronic banking platforms appear to have uniformly collapsed. It is unclear what interest is served by persistiong in this erroneous course towards an unfolding economic disaster that the the country cannot afford. The ongoing devastation of livelihoods is bound to have consequences long after this moment has passed.
“It is disheartening that the Central Bank of Nigeria (CBN) has resolutely refused to admit error and change course in the face of mounting evidence that the implementation of this policy has been a devastating failure. It is deeply troubling that neither the intervention of the National Council of State nor an order of the Supreme Court is sufficient to cause the Governor of the Central Bank of Nigeria (CBN) to review the decisions that have brought us to this entirely avoidable moment.”
However, the House Speaker’s angst noticeably dropped when he introduced Nigeria’s number one citizen into the narrative.
Noting that President Muhammadu Buhari “this morning” had announced his authorising the CBN to reintroduce the old N200 banknotes into circulation, until the apex bank can make sufficient amounts of the new currency available, Gbajabiamila’s tone was clearly reconciliatory in describing the President’s move as a “step in the right direction”, expressing “hope it helps curb Nigerians’ suffering”.
Then the nation’s number four citizen’s anxiety level rose again as he noted that the President’s decision falls short of the Supreme Court’s order that the old currencies remain legal tender pending the adjudication of a pending suit filed by a number of state governments on the legality of the policy and its implementation.
“It is not to the benefit of our country for the Federal Government to act in ways that suggest a wanton disregard for the rule of law,” Gbajabiamila said.
He added: “It will be better for us to strictly adhere to the court’s order in the matter, pending the adjudication of the substantive suit.”
Urging “my fellow Nigerians to bear this moment with equanimity”, the House Speaker appealed further: “For the sake of our country, we must work together to resist actions that escalate tensions and endanger our democracy at this crucial moment of national awakening and rebirth. In all things, let the well-being of our fellow citizens and the survival of our nation be foremost in our hearts and guide all the decisions we make in this historic moment.”
-All Rights Reserved-
Permission to use any material, including text, still photograph, audio and video from this site is granted subject to permission being formally sought and, if granted, appropriate credit must duly be given to The News Room as the source.
Stay connected, get exclusive updates, and be the first to know about all the exciting things happening. Whether you’re looking for insights, tips, or just want to be part of an amazing community, our WhatsApp group is the place to be!
👉 Don’t miss out. Click the link and be part of something awesome! 🚀
