Naira Scarcity: Details Of APC Governors’ Meeting With Emefiele Emerge

The details of the meeting between Governors elected on the platform of the ruling All Progressives Congress (APC) and the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, have emerged.

Naija News gathered some APC governors, on behalf of the Progressives Governors Forum (PGF) met with the CBN chief between January 30 and 31 in Abuja.

The governors who met with Emefiele included Governors Babajide Sanwo-Olu (Lagos), Nasir El-Rufai (Kaduna), Mai Mala Buni (Yobe), and Dapo Abiodun (Ogun).

A source told Daily Trust that the governors, during the meeting, expressed their displeasure over the “hasty nature”, of the cashless policy transition that was being managed.

The source said the governors told the CBN boss to extend the transition period for the swapping of the old notes between six months and one year so as to have a realistic cashless society.

The APC governors reportedly told Emefiele that while the old naira notes were being mopped up, it was evident the CBN could not make the new notes available to commercial banks as Nigerians struggle to access the money they legally deposited in commercial banks.

The governors also informed Emefiele that it was evident the commercial banks did not have the needed technology to absolve the shock of the increasing pressure of customers as evident in failed transactions using various internet platforms.

The source said: “All the APC governors are not happy because in the first instance, they were not consulted on the new naira policy and the timing and they felt that as a federating unit, states must be consulted before such a sensitive decision is taken.

“They told Emefiele that the anticipated gains of the policy have been deflated because Nigerians are angry; their economy is grounded and many of them have to pay money to access their monies.

“They told Emefiele that the approach is not in line with international best practices because the infrastructure that will support cashless policy is weak.

“The governors said there is no single state in the North for instance that all its LGAs have banks. There are similar challenges in some states in the South and it is the informal sector that drives the economy therefore, Nigerians require more time, knowledge, and support to transit to a cashless society.

“But Emefiele told them that there was actually no ill feeling while taking the decision to change the naira notes; and that it was not his unilateral decision. He told them the president has to be in the picture.”

According to the source, the four governors had briefed their colleagues and this informed their decision to meet with President Buhari.

The source said part of the governors’ decision is that they reject the February 10 deadline set by the CBN to end the legal tender status of the old N1000, N500, and N200 notes.

He stated that the governors said they were worried Nigerians have been finding it difficult to live a normal life in the last few days and therefore resolved to meet President Buhari on the matter.

The source added that the APC governors said beyond whatever gains that would come with the naira swap, the wrong timing by the CBN is already hurting the economy, the well-being of the citizens, and the security of the country.