THE CBN’s NAIRA SWAP FOR THE SWAMP
BY TUNDE OLADUNJOYE
My understanding of the Thursday, February 16, 2023 broadcast of Mr. President on CBN’s policy on new naira notes and effects:
1. Mr. President took notice of the case at the Supreme Court and tried to meet the matter not by half-way, but by quarter-way! Supreme Court restraining order, which was reiterated by the Court yesterday was not just “some pronouncements” as Mr. President made it to look. It was AN ORDER OF THE HIGHEST COURT OF THE LAND.
2. While acknowledging the pains of the citizens, including deaths and arson in different parts of the country, arising from lack of foresight and unsuccessful policy execution by the CBN’s Governor, Mr. President justified and defended the CBN’s Governor ; and pushed the blames to others “within the banking industry”. The same story/excuse pushed by CBN’s image makers.
3. The State Governors who are already in Court (Supreme Court) as Plaintiffs will (should) continue their case and pursue it to the logical conclusion.
4. The CBN will not print the old N200 notes for reintroduction, if it does, it would affect/delay the printing of the newly designed N200, N500 and N1,000, naira notes due to well known shortage of men and materials of the mint and print company.
5. The CBN’s Governor from discerned traits and speeches will delay the reintroduction of the old N200 notes, which the President has directed should be reintroduce. The CBN will make the old N200 notes, if reintroduced, sparingly, scantily and selectively available in very few parts/sectors of the country/economy.
6. Apart from BEING AWARE (!) of the “obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy” and also being “deeply pained” and sincerely sympathising “over these unintended outcomes”, I did not see where Mr. President apologised to Nigerians or announced compensations to “innocent Nigerians” (in Mr. President’s words), who have lost properties, livelihoods and families of those who have lost their lives as a result of the poor implementation of the CBN Governor’s policy.
7. The directive of the President that the old N200 notes should be reintroduced was the BIGGEST AND CLEAREST confirmation of failure of the new policy initiated by the CBN Governor; it underscored the failure of Emefiele, which has caused sorrows, tears and blood (apologies to Fela Anikulapo-Kuti) and the CBN’s Governor should have been advised to resign or be fired.
8. The Supreme Court is now the last hope of the common man, as it is statutorily expected to be. It is therefore highly prayed that Emefiele’s naira swap design designed and destined to fail will be thrown into the swamp.
9. Mr. President Sir, since you have reminded me this morning that you are the democratically elected president of Nigeria, I am also, most respectfully, reminding Your Excellency, that I democratically elected you; and the above is my opinion, which I am entitled to under the United Nations Universal Declarations on Human Rights, to which Nigeria is a signatory.
Tunde Oladunjoye is my name Oladunjoyelo@gmail.com