Top Southwest governor blasts Buhari over new monetary policy in open letter

President Muhammadu Buhari has been urged to do the right thing by playing the role of an elder shaman to Nigerians.

The governor of Ondo state, Rotimi Akeredolu, urged the president to immediately halt the implementation of the new monetary policy which entails the swapping of the old naira notes with the new ones.

Rotimi Akeredolu, Ondo state, 2023 general election, APC, naira policy, old naira notes
Governor Akeredolu has asked President Buhari to repeal the new monetary policy by the CBN.
Photo: Rotimi Ajkeredolu
Source: Depositphotos

In an open letter written to the president, Akeredolu said this is a crucial moment for the country and the implementation of the new policy championed by the Central Bank of Nigeria has failed.

The governor said that the president must take it upon himself and save Nigeria and her people from more crises and Nigerians are currently suffering due to the implementation of the new naira notes.

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He said that there is no shame whatsoever in repelling the policy as it has already caused more pain than good to the people of Nigeria.

Read the full letter from the governor below:

The crises engendered by the policy of the Central Bank of Nigeria to redesign some currency notes, threaten to disrupt, not only the forthcoming general elections.

The events of the past days, culminating in the intervention of the apex court in the land, and the increasing gale of violence sweeping through the country, portend serious danger to the current democratic governance. Consequently, this period invites all patriots to speak out with a view to proffering practicable solutions and not project cheap partisan interests.

I seize this opportunity to appeal to the President and Commander-in-Chief of the Armed Forces, President Muhammadu Buhari, GCFR, to play the role of a Statesman at this crucial moment. It is apparent that the crises, which the current policy on currency swaps has created, continue to spiral menacingly.

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There is incontrovertible evidence bordering on miscalculation, error of judgement and/or disinformation on the part of the policymakers, especially the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, on the failed implementation of the policy, the effect of which compels the whole country to groan, immeasurably, at present.

There is hardly anyone who contends with either the statutory functions of the Central Bank of Nigeria or the occupier of the office of its Governor, one of which is the monetary policy. It is also not debatable that the President and the Commander-in-Chief of the Armed Forces of Nigeria are empowered, under our law, to exercise certain executive power. It can, however, not be the original intendment of the drafters of the relevant statutes that the implementation of any policy should occasion widespread hardship and pervasive agony in the land.

The safety of the people is the supreme law. Any measure, purportedly designed to ameliorate their conditions, must not reduce the entire populace to a beggarly existence.

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There is pervasive discontent in the land. A policy, presented as a currency swap, must not be construed by both the reasonable members and people of average intelligence in the society to convey the deplorable impression of contrived subterfuge manifest in the official confiscation of legitimate deposits of the people in banks, as a countermeasure against electoral malfeasance, terrorism and banditry.

Desirable as the policy appears to be, its implementation excites curiosity as regards the real motive of its drivers, especially at this time when the conduct of general elections is almost here. The mere knowledge that the N1000 and N500 notes represented 82% of the currency in circulation and that the N200 note, whose validity has been extended, by fiat, for another 60 days, represented 7%, expose the mendacious slant in the advice given to Mr President.

This counsel clearly misrepresented, deliberately, the facts as they existed before the commencement of the implementation of the policy.

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The implementation of this policy has been woeful despite claims to the contrary. The suffering of the masses, occasioned by the non-availability of new notes to replace the old ones, equally decreed out of existence by presidential fiat in contravention of the CBN Act, 2007, could have been averted if the strategy of a gradual and systematic withdrawal of the old currency notes had been adopted.

I make bold to assert that the unfolding events across the country show that the policy has failed significantly. It is, therefore, expected that the President will halt this needless drift into the abyss of chaos, more so, when the ruling of the highest court still subsists.

I call on the President to allow both the old and new notes to co-exist until such a time when normalcy returns to the country. It will be a fitting parting gift for the people of this country, especially the downtrodden, who feel the negative impact of the poorly implemented policy. While the reasons adduced for the policy appear legitimate, there can be no justification for the confiscation of the lawful earnings of Nigerians.

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The negative impact which the mediocre and, I dare say, mischievous implementation of the policy by the Governor of the Central Bank of Nigeria is having on the poor people and small business owners defeat all the good programmes of the Federal Government designed to elevate as many people as possible out of the morass of poverty.

There is no shame in rescinding a decision adjudged not only unpopular and counter-productive but which also bears the insidious seeds of potential conflagration in the land, one of the ostensible reasons for this ill-conceived policy.

New naira policy: Full list emerges as Sokoto, 9 other APC states take fresh legal action against Buhari, CBN

With the pressure and challenges experienced in swapping the old naira notes for the new ones, several state governors have continued to take legal action against President Muhammadu Buhari, the Federal Government and the Central Bank of Nigeria.

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In a recent move, 10 state governments filed an application before the Supreme Court, challenging the directive by President Buhari on the reintroduction of the old N200 notes into the system.

However, in their application, the state government prayed to the apex court to declare the president’s February 16, directive unconstitutional.

Naira policy: “Buhari‚Äôs order against Supreme Court could lead to chaos, anarchy,” Ozekhome raises alarm

President Muhammadu Buhari had earlier been accused of exhibiting tendencies of a military tyrant in a democratic dispensation.

The allegation was made by a Senior Advocate of Nigeria, Mike Ozekhome, on Friday, February 17.

Ozekhome condemned the president’s order countering a Supreme Court’s ruling on the new naira redesign policy.

Source: Legit.ng

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