- Policy needed to address alarming volume of currency outside banking system – Ogakwu
A coalition of over 190 civil society organisations identified as Civil Society Groups for Good Governance, CSGGG has applauded the leadership of the Central Bank of Nigeria for its move to redesign the nation’s
N200, N500 and N1, 000 naira notes.
In a statement signed on Thursday by its president, Comrade Ogakwu Dominic, stated that the development is a strategy which will curb inflation and wrest control of the nation’s economy from the crippling and stifling grip of economic saboteurs, whose stock-in-trade is to weaken the naira and cash in on the losses of the nation, for selfish security and socioeconomic interests.
It read:”The Civil Society Groups for Good Governance (CSGGG), has thrown its weight behind the Central Bank of Nigeria’s governor – Godwin Emefiele – and his new monetary policy which has generated so much controversy in the public domain lately.
“At such a time as this, when Nigeria is the poverty capital of the world, with insecurity crippling our economy, the Central Bank of Nigeria has tightened its grip on the economic jugular of the nation – a move which many pundits have denounced as socioeconomic mass murder of poor Nigerians. Nigeria currently stands at a crossroads with two potentially unpopular choices to make – continue on our economic trajectory to a certain socioeconomic implosion or impose a paradigm shift and risk the ire and angst of Nigerians? Which is the lesser of the two evils?
” One look at this gloomy and explosive cocktail, reveals one common denominator connects all the scenarios above – excess cash or currency in circulation, which are not being used in productive activities, but to sponsor non-state actors and threaten peaceful coexistence. More worrisome, the illicit transactions involving these unaccounted excess cash, is completely out of the radar of our government, meaning that individuals who seem larger-than-life and more influential than our government, are controlling the economics dynamics which determine the fate of the whole country. And if these monies are not quickly recovered before the fast- approaching 2023 general elections, it is very obvious that these daredevils intend to use this humongous amount of money in vote-buying and other electoral malpractices which rob Nigeria of credible leaders and leadership. Hence something needs to be done urgently to withdraw these excess cash and forestall potential electoral fraud as well as circumvent criminality in Nigeria. That is where the new CBN’s monetary policy comes into force.” it added.
On the issue of the new monetary policy, the group emphasized that the policy will not only control the nation’s overall money supply but enhance the achievement of sustainable economic growth.
The group, commending President Muhammadu Buhari for his timely approval of the planned redesign of the currency notes, however pledge it support to the CBN governor Godwin Emefiele, while chastising those whose stock in trade is condemning the latter on this new policy initiative.
The CSO further urged anti-graft units of all security agencies and commissions to use the opportunity created by the new and existing currencies exchange window from December to January 31, 2023 when the existing currencies shall cease to be a legal tender, to monitor illicit and illegal financing, money laundering, terror financing, votes buying amongst others.
