Naira Redesign: Governors who Dragged FG to court will Dump case after Elections – LOBRAC

By Praise Chinecherem

A civil society organisation, Leadership Orientation and Basic Rights Advocacy Center (LOBRAC),  has said the three Northern governors who dragged Federal Government to court over the naira redesign did not do that out of altruism but selfish interest.

Chairman of the group, Stanley Okafor who stated this on Monday at a press conference in Awka, Anambra State capital, said the governors would dump the case soon after the elections were over.

He said the Central Bank of Nigeria( CBN) Act had unfettered  and inherent powers in law to decide the monetary policies of the country.

He said the protesting governors and co- travelers were crying over the development because their plans for vote buying had been punctured by the new monetary policy.

Citing several sections of the CBN Act, 2007,  to buttress his argument,Okafor, a lawyer, said, ” Nigeria no doubt is not the only country which has experienced demonetization at a shot notice. 

“The Indian government of  Nehandra Mordi on 8th of November 2016 announced a shock withdrawal of categories of the national currency, the rupees. The aim was to stem the tide of ample supply of money in the system and to clean up black money. Although,  there were wild cries of opposition by unscrupulous politicians and businessmen, the policy survived and added value to the nationa currency.

 “Even the United Kingdom in 1971 had to demonetize in a move that saw the breezing removal of the shillings and other units of Her Majesty’s legal tender, and although there were initial hazards, however the policy was sustained.

” It must be noted that an intrinsic nature of demonetization are short-term discomforts and economic and financial shocks, within the long term, these initial shocks are overcome and and stable economic and financial regime resumes.”

The group  urged President Mohammadu Buhari not to succumb to pressure over the development,  urging Nigerians to exercise patience with the federal government over the policy which it said would be beneficial on the long run.

He accused certain selfish politicians of kicking against the policy in view of its adverse implications on their political ambitions.

He said Buhari would  write his name in gold if he sustained his courage and refused to succumb to the pressure from desperate politicians.

He said, “I have always respected Buhari’s pedigree as a forthright military officer known for his averse to corruption, profiteering and stealing of public funds.

“But I have been terribly disappointed since he assumed office in 2015. If this policy is the only legacy he will bequeath Nigerians before leaving office, he would have reclaimed his mandate.

“If he’s going to turn his back against those that have formed a cult around him and create a level playing ground ,  I’ll give him a gold medal if he sustains his courage and doesn’t succumb to pressure.”

Okafor said agitations against the policy would become history immediately the  elections were over, described the policy as innovative, timely  and in line with the mandates of the CBN Act of 2007.

He added, “I appreciate the limitations and shortages Nigerians are battling with; there’s need for patience because it’s the same globally. Economy automatically reacts whenever it’s being modified.

“We’re supporting the policy because it’s intended to ensure we have clean, fair and credible elections. We’re challenging those against the policy, on behalf of Nigerians and in the spirit of sincerity, to wait till after February 25.

“If they’re genuine with their agitations, I want to assure you that after elections, you won’t see them at the doorsteps of Supreme Court. But if the situation persists, we’ll join them in the agitation.

“Nigerians are united in saying that those crying foul are doing so because there’s an Armageddon against them with regards to their plans to rig the elections with so much money they stockpiled.”

“So, the CBN has not done anything wrong by introducing this policy. It is for the public good because it will drain excess liquidity from the system, strengthen the value of the naira and stabilise our economy.

“The policy will control worsening incidents of criminality, banditry and ransom-taking that is contributing to stockpiling of our currency.

“Above all, the government is also interested in ensuring that the  national and sub national elections is devoid of money influence by big pocket politicians.”

Also speaking, an Economist, Dr Ken Ezeokoye said the CBN policy was apt as there was high inflation and no money in the banks to give out loans.

“”This policy will help the CBN mop up the black money stocked up in houses and private vaults, ” he said 

Secretary, LOBRAC, Franklin Asiegbu said the pains, hardship and sufferings that comes with the currency redesign policy is only for a short while.

“Nigerians need to understand that this is a transition period that will help eradicate inflation and stabilise the economy,” he added.