Naira Redesign: Policy Will Curb Corruption, Insecurity, Buhari Insists
POLITICS DIGEST- President Muhammadu Buhari has said the cashless policy and the naira redesign project of the Central Bank of Nigeria (CBN) have short and long term benefits for the country in dealing with insecurity and corruption.He however, agreed that the apex bank should take the recommendation of a parliamentary committee to rectify identified challenges associated with the initiative which had created imbroglio in the past few days.
Buhari’s comments came as the CBN Governor, Godwin Emefiele, gave him an assurance that N200 currency notes taken out of circulation would be returned and widely circulated effective yesterday.This was just as Katsina State Commissioner for Local Government and Chieftaincy Affairs, Alhaji Ya’u Umar Gwajo-gwajo has called on Governors of Zamfara, Kaduna, Kogi, Katsina, Kano, Ondo, Ogun, Ekiti and other states that dragged the federal government to the Supreme Court against banning the old N1000, N500 and N200 to withdraw the suit.
Nevertheless, Governor of Kaduna State, Mr. Nasir El-Rufai, yesterday in a televised broadcast to residents of the state, countered Buhari’s earlier directive in an early morning broadcast yesterday that only N200 old notes and all the new denominations of Nigeria’s currency remain legal tender.On his part, yesterday, the Speaker of the House of Representatives, Femi Gbajabiamila, faulted the decision of the federal government to disregard the Supreme Court order on the issue of currency swap.
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The apex court had last week given an order for the old N1,000, N500 and N200 should remain legal tender pending the determination of a case brought before it by some state governors. The apex court had on Wednesday reiterated its order and adjourned the matter to February 22.The president who spoke yesterday at the State House, Abuja, when he received briefing from members of the House of Representatives Ad-hoc Committee on cashless policy and Naira swap, said his speech earlier in the day was comprehensive enough and was adequate as a response to the general outcry about the problems associated with the currency exchange.He described the aim of the policy as, “very good, security-wise” as seen from the lessening of kidnappings and associated corrupt practices.Buhari again accused banks of being a problem.
The CBN governor, as directed by the president, explained that the cashless policy was a global policy.“Nigeria must go cashless. It is a global policy, checking insecurity and fighting corruption,” Emefiele said.He added that senior officers at the CBN had all been sent out, complimented by “Super agents,” to take new currencies to unbanked rural populations, expressing optimism that the problems he described as “temporary, passing” will go away in no distant future.He disclosed that he had met 15 bank chief earlier in the day in an effort to resolve prevailing problems and will do so again later in the evening, assuring that “we are at the end of the problem.”
He also gave the promise that by the end of February, the CBN would bring into circulation between N700-N800 billion, well in excess of what was needed to run the economy, stating emphatically that it was not possible to put back more than N3 trillion if the economy was to be healthy.Emefiele gave a firm promise that the apex bank’s policy would not disrupt the forthcoming elections.
Speaking with newsmen after the meeting, the CBN Governor appealed to Nigerians to allow the naira redesign policy of government to work.According to him, allowing the currency swap to work would go a long way to help the nation’s economy.His words: “I have met with about 15 banks this morning and we have given them directive on go to get all the old N200 available effective today. And I can assure Nigerians this will help reduce the pain.
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