From Sola Ojo, Kaduna
As arguments on the planned naira redesign, free fall of naira against foreign exchange and other harsh economic indicators linger, group, Concerned Northern Forum (CNF) on Thursday asked the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele to resign because Nigerians have lost confidence on him.
The forum in a press conference text by its Spokesperson, Abdulsalam Moh’d Kazeem said the latest move by the apex bank in the land was not only illogical but a way to plunge Nigeria and Nigerians into more economic hardship that would require many years to overcome.
To him, the redesigning of the #1000, #500 and #200 denominations by the CBN because banks do not have about 80 percent of the amount in circulation was not just a joke, but, a total rejection of the realities of the many failed policies of the CBN under Emefiele.
Abdulsalam argued that, even though money is expected to move from one hand to other through individuals, businesses and financial institutions, there was no law against saving, keeping one’s money and transacting business outside the purview of banks.
“The redesigning of the Naira bills will bring nothing good nor will it improve the lives of our people and region except hardship which the vast majority of our people are already witnessing as evident in the prices of foodstuff and other consumables.
“How can the banking system be trusted when there is a lack of confidence by Nigerians due to the numerous deductions and charges our banks have introduced under the supervision of Emefiele as CBN Governor?
“How can the banking system be trusted when there is a continuous drop in the value of the naira against foreign exchange?
“How can the banking system be trusted when SMEs and MSMEs as the major drivers of our economy don’t believe in saving with our banks due to the reasons mentioned above?”, he asked.
He continued; “s it stands now, we are borrowing to fund our budgets and equally borrowing to service our bogus debts. It is expensive to print currencies.
“We must state categorically clear 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.
“We hereby demand an immediate suspension of the whole process of the new naira design and sack of Mr. Godwin Emefele and his entire team and at the same time, prosecution of those behind this devilish and wicked agenda”.