More Knocks for Naira Redesign as Adeboye, Others Flay Policy

 

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By Omohglobal

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The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye on Friday added his voice to the criticism that has trailed the decision of the Central Bank of Nigeria (CBN) to redesign the country’s currency notes.

Adeboye, who was addressing the congregation at the RCCG’s November Holy Ghost Service at the church headquarters on the Lagos-Ibadan Expressway, said the policy makes no sense in the face of the free fall of naira against foreign currencies.

The clergyman wondered why the decision makers initiated the policy without consideration for the current value of the naira and the prices of basic items in the country.

He said: “You know what is going on in our country. It doesn’t even make sense anymore. Our naira now is not even worth the paper it is printed on.

“While people are hungry, trying to find enough money to buy bread to eat, our bosses are thinking of making the naira more beautiful, even if it can’t buy bread, at least, it will look beautiful.

“We have problems in the land now. Things seem to be getting funnier and funnier. If you don’t learn to laugh in Nigeria now, you will develop hypertension.”

The CBN governor, Godwin Emefiele, had on October 26 announced the plan to redesign the naira notes in a bid to control the volume of money in circulation and aid security agencies in tackling illicit flow of money.

Numbered among those who have criticised the move is Edo State governor, Godwin Obaseki.

A group under the aegis of Concerned Northern Forum (CNF) yesterday called on President Muhammadu Buhari to sack Emefiele and his team within seven days over the plan to redesign the naira.

CNF, which made the demand during a press conference held at the Arewa in Kaduna, said that failure to meet their demand would force them to embark on massive protest across the northern region and the Federal Capital Territory (FCT).

The Spokesperson of the forum, Comrade Abdulsalam Mohammed Kazeem, said the redesigning of the Naira bills would not improve the lives of the people but rather add to their hardship.

He said the prices of food and other items used by their people have increased beyond control with the probability of a rise in crime rate because of what he termed the bad financial policy of the apex bank.

He said: “We must state categorically that the large population of Nigerians has lost confidence in the current leadership of the CBN to initiate and introduce policies that would improve the economy of our dear nation, therefore we maintain our earlier position.

“Our position includes the immediate suspension of the whole process of the new naira design; the immediate sack of Mr Godwin Emefele and his entire team for failing Nigerians, being the longest serving governor in recent times, prosecution of those behind this devilish and wicked agenda.

“Failure to meet up with our demands within the next seven (7) working days, will lead to a massive protest across our region and the federal capital Territory.

“The redesigning of the three (3) denominations of the naira notes by the Central Bank of Nigeria owing to the reason that the banks are not in possession of as much as 80% of the amount in circulation is not only a joke but a total rejection of the realities of the many failed policies of the CBN.

“It is in fact impossible to find all monies in a country in the bank at a particular time because of the distance of banks and the peculiarities of every business and people. There is also no law against saving and keeping one’s money and transacting business outside the purview of the banks.

“Banks have always been perceived by our people as the creation of the elite used to run businesses and make profits from the savings of the ordinary masses.

“The redesigning of the Naira bills will bring nothing good neither will it improve the lives of our people and region except hardship which the vast majority of our people are already witnessing.

“The prices of food and other daily items used or consumed by our people have increased beyond control and the probability of increase in CRIME rate is high due to the bad financial policy of the apex bank.”