Coalition of 73 Northern Nigeria Civil Society Organisations under the aegis of Concerned Northern Forum has called for the immediate halt and reversion of the planned naira redesign, to avert plunging Nigeria into further economic crises.
CNF told journalists in Kaduna Thursday that redesigning some denominations of the naira will further entrench Nigerians into economic hardship. CNF added that the people have lost confidence in CBN governor, Godwin Emefiele, for overseeing one of the poorest economic performances in recent times and initiating a policy which would cost Nigeria a colossal amount, thus, he should stop the process within seven working days, and quit, otherwise they would galvanise a massive protest across the north and FCT.
CNF spokesman, Comrade Abdulsalam Moh’d Kazeem, said, “CBN governor’s move to redesign and print a new currency for us is not only illogical considering its economic implications at the moment, but a way to plunge Nigeria and Nigerians into more economic depth and crises that would require many years to address. CBN redesigning three denominations of the naira notes because the banks are not in possession of as much as 80% of the amount in circulation is not only a joke but a total rejection of the realities of the many failed policies of the CBN.
“It is impossible to find all monies in a country in the bank at a particular time because of the distance of banks and the peculiarities of every business and people. There is also no law against saving and keeping one’s money and transacting business outside the purview of the banks. Banks have always been perceived by our people as the creation of the elite used to run businesses and make profits from the savings of the ordinary masses.”