The North-South Economists’ Forum, NSEF, a focus group of development economists, has faulted the notice by some Nigerians to occupy the Central Bank of Nigeria, CBN, in order to force the CBN governor, Mr. Godwin Emefiele, to resign.
Some Nigerian youths under the aegis of Nigerian Youth Initiative for Good Governance (NYIGG) had vowed to mobilise the masses of Nigeria to occupy the headquarters of CBN if President Muhammadu Buhari fails to relieve Emefiele of his duty. Alternatively, they have called on Emefiele to resign over rising food prices and general poor state of the economy.
But in a statement on Sunday, the body of development economists faulted the argument of the youth group, stressing that their threat to occupy CBN smacks of ignorance and a lack of understanding of the dialectics of basic economics.
NSEF said rather than blame CBN for the prevailing hardship with rising composite food index which, according to the National Bureau of Statistics, NBS, jumped to 18.34 percent in October 2021 compared to 17.38 percent in October 2020, Nigerians should query why crude oil, the nation’s major foreign exchange earner, is not refined locally.
In a press release signed by its Chairman, Malam Ahmed Abdulkadir and Secretary, Dr. Chima Eboh, NSEF attributed the fate of the naira to the low receipts from sale of crude oil and the poor-export status of the Nigerian economy.