The Arewa Youth Consultative Forum (AYCF) has said that the negative campaign against the CBN’s Naira redesign policy was clearly funded by enemies of Nigeria’s economic growth and development.
The AYCF noted with disappointment “the way and manner some used the media to castigate the CBN Governor and his management for taking bold steps to address the economic challenge facing this country and how some misinformed Nigerians have been trying to undermine the process at take-off.”
While addressing a press conference in Kaduna on Monday,the National President of the AYCF,Alhaji Yerima Shettima said “they are in support of any policy review by the CBN that could help boost the value of our national currency, even if doing so will hurt politicans who have hidden millions in cash, with intent to buy up voters in the forthcoming general elections.”
He said the youth rejected situation where National security will be threatened by sponsored political violence using cash from soak away pits, farm houses and other illegal vaults.
According to him, ” it is clear to many Nigerians that wholesale hoarding of Naira banknotes by members of the public is now being dealt with by the policy of Naira redesign. Long before now, CBN’s available statistics show that cash outside banks consist of over 80% of Currency-In -Circulation (CIC).”
He said the economy suffered heavy, avoidable bruises, “as at end-June 2022, available data indicated that N2.72 trillion out of the N3.26 trillion currency in circulation, was outside the vaults of commercial banks across the country, and supposedly held by the public.”
” We are convinced, after our independent investigation, that there are very clear benefits and we state these, for the records, that the current effort will ensure effective monetary policy and a beautiful means for fight against corruption that we have not tried before in the economic history of this nation.”
He said it’s “a strategic effort that could help in the stabilisation of the Exchange rate,more effective means of reducing inflation and helpful to the success of a free and fair Election.”
According to the AYCF, ” pulling the cash outside the banks will augur well for the economy as monetary policy decision making will be easier. Less notes, especially outside the banking system, will check terrorism financing.Most importantly, the less cash available outside the banking system will reduce corrupt practices engendered by cash exchanges.”
“We wish to make it categorically clear that the action of the CBN was backed by constitution and the Rule of Law. The CBN has acted within limits of its monetary policy powers, on this Naira redesign policy. The management of the CBN relied of section 2(b), section 18(a), and section 19(a)(b) of the CBN Act 2007. Add this to the Presidential approval, as provided by the laws of the land.”
‘We believe that the Revised Cash Withdrawal was part of a component of economic reform policies that will help revive our national economy and ensure stability in the fight against terrorism financing, shameful level of official corruption and thievery by a section of the political class for more than a decade.It will be suicidal for a policy of economic stabilization to be reversed for the sake of few selfish political and self-serving interests.”
“In view of the foregoing, we insist on any policy backed fully by the constitution and Rule of Law under a democratic system that has the great potentials of bouncing back our national economy. Most importantly, Nigeria is not and will never be a Banana Republic.”
(Vanguard)
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