As Nigerians groan under the biting effects of scarcity of naira notes in the economy, a socio-political organisation, Social Rehabilitation Gruppe (SRG), has warned the Central Bank of Nigeria (CBN) under its Governor, Mr. Godwin Emefiele, not to heat up the system ahead of the February 25 presidential election.
Convener/National Coordinator of the group, Dr. Marindoti Oludare, in a statement on Sunday, said setting a hurried expiry date for the old naira notes at a time Nigeria is preparing for a major election smacked of mischief and evil plot, to derail a smooth transition from one government to another.
“While it is within the right of the CBN to change the naira notes, it is also liable to addressing hiccups that could occur in the process, but in this case, the apex bank is apparently unmoved by the spectre of Nigerian masses being tortured through its monetary policy.
“To worsen things, the decision to change the old naira notes, setting a hurried deadline in tow, is coming at a very, very wrong time; when Nigerians are preparing for a presidential election on February 25, this year.
” We in the SRG smell a rat in this monetary policy as it smacks of mischief and an evil plot, which has sent tongues wagging that it is meant to mar the coming election and put the nation in turmoil, with intent to succeed the present administration with an interim government.”
According to Oludare, new naira notes were introduced during the administration of former President Goodluck Jonathan; “but during the Jonathan era, the old and the new notes were both legal tender for over two years until the old notes naturally disappeared.”
“Secondly, when India did the same thing in 2016, they sought a cessation of liability ordinance in order for the old notes to cease from being legal tender. And the rupees were readily available in all banks during this period
“The cessation of liability is not in the CBN act hence they do not have the right to stop being liable for those old notes,” he further appraised.
Oludare commended a comment credited to Vice President Yemi Osinbajo condemning the sweeping application of CBN’s cashless policy but stressed that the federal government has to leave the the level of rhetoric and take a bold action, to save Nigeria.
On the coming presidential election, Oludare counselled Nigerian voters to be guided by the antecedent, administrative acumen and consistency in the convictions of the contestants to decide who becomes the next president.
“For instance, let’s look for a president who can fix electricity, who can bring Nigeria out of economic depression, who can create jobs, provide infrastructure and increase the wealth of the nation. Let us look at the track record of such a candidate, especially one who had once governed a society of very large population, “