Naira scarcity: Cardoso lacks capacity to stabilize economy, blaming Emefiele childish – Group

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Igbo apex socio-cultural youth group, Ohanaeze Youths Movement, OYM, on Friday said the blame game on Godwin Emefiele by Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso is childish and a plot by him to divert attention from the fact that he lacks the capacity to stabilise Nigeria’s economy.

The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, had on Thursday laid the blame for the ongoing naira scarcity in some parts of the country squarely on the shoulders of his predecessor, Godwin Emefiele.

Reacting, the OYM, in a joint statement by its leaders Nwabueze Obi, Ekwem Eucharia and Ndukaku Chris, called on Cardoso to apologize to the former CBN Governor, Godwin Emefiele and seek his wealth of experience and knowledge before the current economic crisis takes a turn for the worse.

“The blame game on Godwin Emefiele by Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso is childish and a plot by him to divert attention from the fact that he lacks capacity to stabilise Nigeria’s economy.

“Cardoso, yesterday (Thursday) laid the blame for the ongoing naira scarcity in some parts of the country squarely on the shoulders of his predecessor, Godwin Emefiele.

“The CBN raised alarm recently over the circulation of fake Naira notes dominating the country’s markets. The apex bank alerted banks and Nigerians to beware of counterfeit bank notes, especially higher denominations now spent in food markets and other commercial hubs in the country. Is that also Emefiele fault?

“Cardoso should stop the blame game and pay a visit to his predecessor in Kuje Prison so as to learn secret of Naira stability before the current economic crisis takes a turn for the worse.

“He needs Emefiele’s wealth of knowledge to turn the economy around. On his assumption of duty in 2014, Emefiele immersed himself in the job with patriotic zeal and a good understanding of the vision and mission of CBN.

“It was evident from his maiden speech that he had good understanding of modern concepts of central banking, global best practices and the challenges, complexities and peculiarities of the Nigerian economy. In the face of severe challenges, Emefiele remained focused and demonstrated determination to safeguard the health of the financial system and economy.

“Emefiele ensured financial system stability which is germane. Thus, the financial system had been very stable under his leadership as CBN Governor. In recognition, Forbes New York noted that ‘the CBN Governor was able to regulate Nigerian banks and evolved policy measures to stabilise the economy in the face of global imbalances’’.

“CBN under Emefiele held forte in the economy during the six months period before President Buhari appointed and assigned portfolios to his ministers. And beyond that, the CBN boss evolved innovative policies which helped to pull the economy out of recession in 2016,” the statement reads.