The new naira notes and cash withdrawal limit policy of the Central Bank of Nigeria (CBN) is allegedly facing a syndicated attack from a group of 10 governors.
The Coordinating Council of Civil Society of Organisations, which disclosed this on Tuesday in Abuja at a world press conference, noted that the state executives described as ‘G-10 Governors,’ are determined to undermine all constitutional means of achieving the policy aimed at sanitizing the economy.
The national convener of the groups, Obed Okwukwe, who spoke on behalf of the organization said that the group has uncovered a grand plot by the 10 governors to make Nigeria ungovernable if the policy was not reversed.
Pointing out that it was mere subterfuge that the Governors who approached the Supreme Court did so without the love of their people, the group said, “since the implementation of the new Naira policy, Nigerians and indeed the system have started seeing the gains.”
The group added that “except for the hitches of the unavailability of cash particularly for small businesses, which is caused by sabotage from those who do not want the policy so they can continue with their illicit trade, other major indicators show that the impact of the policy on our economy is quite positive.
“Also on security, the impact is being felt as kidnappers now know that there is no cash to pay for ransom. In our electoral process, it is now obvious to Nigerians that it is only the vote buyers that are complaining.
“This policy is facing a syndicated attack from a group of Governors who we have termed the G10 Governors. These Governors have vowed that this policy will not see the light of day. They are willing to go the extra mile including making our country ungovernable and undermining constitutional governance and bringing the entire country to a halt all for their selfish reasons.”
Explaining further, the group said: “Money moves in cycles. Banks pay out money and money is paid into banks. That is how cash circulates in an economy. So do we not wonder why banks pay out money and the money is not paid back into the bank?”
Accusing the governors of mopping up cash, the group said, “these Governors are mopping up the money and stopping it from circulation.
“The CBN had announced that it deployed N300 billion in cash as the first tranche of cash it disbursed. We all can agree that the money was hijacked and did not trickle down to the people and the people who took hold of it from the commercial banks have not brought it out to circulate.
“They are withholding the money using various means including deploying agents who use multiple ATM cards to withdraw the money, colluding with their banker agents to continue to trap the money in the banks and buying off cash from business places that ordinarily make huge cash transactions like petrol stations, supermarkets and departmental stores.
“This has made some of these businesses insist on only cash payment as the profit they make from the sales of the Naira covers for the loss of business from those who do not have the cash to pay.”
The group further said “We have uncovered a grand plot, I repeat, we have uncovered a grand plot by 10 Governors who have resolved to make Nigeria ungovernable for President Muhammadu Buhari if he refuses to reverse the new Naira policy.
“It is amazing to note that the Governors behind this plot were the same Governors a couple of years ago who took advantage of every opportunity to praise President Muhammadu Buhari to the high heavens. However, because the second tenure is coming to an end, these Governors now believe that the President is not deserving of their respect.
“That is quite hypocritical. It means all they were showing the President was sycophantic solidarity, hence we must therefore remind them at this point that President Muhammadu Buhari is and remains the President and Commander in Chief of the Armed Forces of the Federal Republic of Nigeria until the 29th May 2023 and not one day before.”
The CSOs alleged that these Governors have unfortunately switched allegiance to a new godfather not minding that he is yet to win the Presidential election.
“They are willing to dare constitutional governance and do anything including creating anarchy just to enthrone him and achieve their narrow political ambitions.”
The group, however, warned that the policy has come to stay, adding, “there is no going back. This is the best time for it to be implemented, just before the elections. It is a masterstroke and we commend the CBN and President Muhammadu Buhari for the outstanding courage to initiate this policy.”