President Muhammadu Buhari has been informed by AREWA Consultative Forum, ACF, that the much-touted advantages of the naira redesign policy will never outweigh the harm to his reputation as a staunch democrat and upholder of the rule of law.
ACF’s statement was made on the same day that Ohanaeze Ndigbo made a similar request to the federal government, urging it to carry out the Supreme Court’s ruling mandating that the old N500 and N1000 circulate alongside the new notes.
Murtala Aliyu, the secretary general of the ACF, who made this observation in a statement yesterday, claimed that the policy was to blame for the runaway inflation of food and other commodities.
Remember how, ten days ago, the Supreme Court ruled that President Muhammadu Buhari had violated the Nigerian Constitution by ordering the Central Bank of Nigeria (CBN) to redesign the Naira without first consulting the National Council of States and the Federal Executive Council.
It went on to rule that the President’s unconstitutional use of his authority in relation to the redesign of the naira has violated the fundamental rights of Nigerian citizens in numerous ways.
“Whatever the CBN or anyone else says about the benefits of the policy, which are obviously numerous, is of little consolation once the highest court in the country has deemed that it is, or, at least the manner of its implementation, breaches the law,” the group claimed.
The ACF additionally cautioned that the crisis might develop into a serious social disorder, which could result in a breakdown of law and order across all of Nigeria.
The group claimed that 10 days was sufficient time for the government to determine how to abide by a court order, which was crucial to the establishment of peace, order, and good governance in the nation.
The ACF observed that as people fight for the new cash, which had remained incredibly scarce, large crowds and protracted lines gather around bank offices and ATMs across the nation.
Riots and other types of civil unrest were started as a result of it. President Buhari has sworn to uphold the Nigerian constitution.
The ACF stated: “As his steadfast supporters, it will be remiss of us if we fail to warn that the much-touted benefits of the Naira redesign can never justify the damage to his credentials as a democrat and a stickler for the rule of law.
Some state governors have insisted repeatedly that the CBN’s decision to allow the old N500 and N1,000 notes to be taken out of circulation while not adequately replacing them caused severe cash shortages, economic chaos, and escalating prices for food and other commodities.
Ohanaeze urges FG to follow the Supreme Court’s order to redesign the naira.
Similar to this, Ohanaeze Ndigbo urged the Federal Government to carry out the Supreme Court’s directive regarding the use of old currency through the end of the year.
The call was made in response to the “evident hardship Nigerians are experiencing,” according to the highest Igbo socio-cultural body.
It emphasized the requirement that the government launch an awareness campaign to inform the populace that the traditional currencies were still accepted in all transactions.
“The policy is excellent and will aid in boosting the economy. The more we eliminate cash, the better it is for the nation. Additionally, it will lessen the frequent instances of kidnapping and ransom demands. The issue is with the implementation, though. President Muhammadu Buhari was urged to extend the time by Ohanaeze at the start of the exercise. “They removed the old funds without adding new ones. The Federal Government should inform the populace that old currency is still acceptable and release them in accordance with Supreme Court instructions. They should also launch educational campaigns to let the public know that the old currency is still in use in order to alleviate hardship and confusion in the nation. Evidently, the difficulty is too great, according to the spokesperson, Dr. Chidozie Alex Ogbonnia.
Businesses are failing needlessly and lives are being lost, says Afenifere
Jare Ajayi, the national publicity secretary of the pan-Yoruba socio-political group Afenifere, also claimed that Nigerians were suffering negative effects from the implementation of the naira redesign policy. He noted that lives were still being lost while businesses were failing.
Ajayi also cited the case of a broadcaster from Fresh FM in Ibadan, Oyo State, who collapsed and passed away while hiking last Saturday because he did not have access to the required funds.
However, he urged the President and the CBN governor to urgently declare that both the old and new currency notes should continue to be used by the general public.
“The inhumane, careless, and illegal ways of implementing the Naira redesigning will eventually become the prism through which President Muhammadu Buhari administration will be judged,” he said. “Just as the annulment came to become the yardstick to assess that regime.
“Unfortunately, the verdict will not be in the administration’s favor given the number of lives lost and the number of businesses destroyed as a result of people’s and business owners’ inability to access their rightfully earned money. Lives are still being lost right now, and businesses are still needlessly collapsing.
The refusal of President Buhari and Mr. Godwin Emefiele of the CBN to abide by the Supreme Court’s decision is what makes the entire situation more concerning.
“Considering their promise to follow the law, it is astonishing. And it was anticipated that these public servants would always put the needs of the people first.
On the negative impact of the Naira redesign policy, ACF spoke for Nigerians, according to MBF
The Middle Belt Forum (MBF), in response, claimed that the ACF accurately represented Nigerians’ views when it warned President Muhammadu Buhari that the much-heralded advantages of the naira redesign could never outweigh the harm to his reputation as a democrat and a staunch supporter of the rule of law.
Dr. Bitrus Pogu, the national president of the MBF, said: “The policy, to the extent that it has caused a lot of damages, is true because I had to buy Naira with Naira in order to get a few Naira in my pocket. That is how bad the situation is.
“Someone was prevented from traveling because some people believed he needed to pay in cash. And the issue keeps coming up.
“Whatever his motivations, I don’t believe they fully support the intention. If the goal was to stop vote buying, as some of them claimed, I do not believe that is also justified given the fact that this election was the worst one we have ever had due to INEC’s arbitrary actions and results. Currently, INEC forbids contestants from even looking at their records because they are aware that the records are not accurate.
“Therefore, when you consider all of these, there is no defense for what has been done. It has done a great deal of harm. Socio-cultural groups are not just noisemakers, as some people believe. When we perceive a problem, we speak the truth.
“I think and believe that ACF just told him the truth; that whatever his intentions it does not justify the suffering and difficulty that Nigerians have been subjected to as a result of the so-called naira redesign policy,” the author said.
Late ACF position – PANDEF
The Pan Niger Delta Forum, or PANDEF, reacted by saying that the ACF position had been delayed.
Ken Robinson, the National Publicity Secretary of PANDEF, claimed yesterday in Port Harcourt that the federal government’s efforts to stop illegal financial transactions were ruined by the implementation of its naira redesign policy.
It is late, said Robinson. You are aware that the suffering brought on by the naira redesigning policy is based on ethnicity rather than age. It doesn’t know if you’re an Igbo, Hausa, or Yoruba man. It doesn’t know if you’re in a city or a village.
The policy is draconic. For those who understand the economy, it might be beneficial, but the process’ management is disorganized. Additionally, the timing is off.
“If, as is claimed, it was intended to discourage vote buying, the people targeted have won the elections. Why then do they still subject Nigerians to suffering?
“Today, I traveled to Port Harcourt to purchase N5000. They forced me to pay N2000. People in some communities are struggling because there are no PoS there, so they have turned to bartering in order to conduct business. I’ll give you yam or garri if you give me fish.
“It is difficult to imagine who had the idea for the bad and flawed policy, which usually would have been praised. Nigeria is beginning to resemble a bigger joke. All true Nigerians, including members of Arewa sociocultural group, should speak out. Telling the president that enough is enough is necessary.
“The ACF should have taken this position sooner. We are aware of a statement made earlier by the Southern and Middle Belt Leaders Forum, which stated that while the policy had a good intention to check illicit financial transactions, the management process and timing were flawed.
(TNT)
About the Author
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