A Non-Governmental Organization, Society for Youth and the Downthroden, SOYD, has called on the Federal Government and Central Bank of Nigeria, CBN, to immediately address the various challenges faced by Nigerians as a result of the ongoing bank policy.
In a Press release issued today by the President of SOYD, Comrade Ogwuche Gabriel stated that the burden of the consequences of the policy was huge and gradually becoming unbearable among Nigerians across the country.
The statement read, “Initially, we expects people-oriented actions that will cushion the effect of the new bank policy and reduce its negative impact on the people but unfortunately, the reverse was the case.
“Please note that the problem is not the redesigning of naira note, but the major problem is the current CBN`s lack of mental capacity and courage to properly implement its programs and policies and this is worrisome to us.
“The apex banks around the world are trustworthy institutions, but with what we have seen and still seeing, in our own, can not be trusted for anything.
“All approaches by the Central Bank of Nigeria to tackle this issues of national interest that affect every Nigerians are merely ceremonial and not fundamental in nature.
“Hence, the continued scarcity of the redesigned new naira notes and its attendant economic consequences till tomorrow. Why do we have to be chasing the shadow and leaving the substances aside?
“The Central Bank of Nigeria as regulatory body can do and undo in the Nigeria financial/economic environment, except make man to become woman and vice versa as far as the act of law is concerned. It have the power to issue guidelines and ensure compliance.
“It can issue operating license and can freely sanction money deposit banks, MDBs, when necessary. Today, it is established that all the directives issued by the CBN to deposit money banks that will ameliorate the plight of the citizens as regards to the bank policy, were fragrantly ignored and nothing reasonable was done by the authority.
“This is not the first time the country is redesigning our legal tender. Many other countries have done it before Nigeria. We need to learn from the past and stop inflicting irreparable injury on the common man in the name of unproductive policies of government. Already, we are aware that the Nigeria economy is driven by corrupt practices over the period.
“Therefore, the only option for successful achievement by the present government is “sincere commitments” that is completely devoid of political hatred and acrimony.
It is pertinent to note that the crude method of implementation of policies by the CBN is responsible for the current economic instability in the country.
Ogwuche said, “In view of the above, we call on the Central Bank of Nigeria to wake up to its statutory responsibility and stop being economical with the enormous power it derived from the constitution of the federal republic of Nigeria and stop the sufferings arising from this ill-fated policy.
“What is really needed at the moment is the CBN`s mental ability to purge itself of alleged sharp practices and sanction deposit money banks that are involved in unethical and fraudulent activities.”
Furthermore, he urged CBN to immediately disband the purported collaborative task force it recently formed with EFCC, Police, FIRS AND NFIU and focus on the substances of the matter.
