Naira Scarcity: Why Buhari Refused To Call Emefiele To Order – NEF

The Northern Elders Forum (NEF) has said President Muhammadu Buhari should have called the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to order following the scarcity of the new naira notes.

NEF Spokesman, Hakeem Baba-Ahmed made this known on Tuesday during an appearance on The 2023 Verdict, Channels Television’s special election programme.

He, however, said the President appears unwilling or incapable of reining in Emefiele over the controversial naira swap policy because Buhari doesn’t listen to anyone.

Baba-Ahmed said Emefiele should allow the old and new N200, N500, and ₦1,000 notes to co-exist for the next six months to alleviate the suffering of the masses.

He added that the president should not have allowed the crisis to come into play in the last days of his eight-year administration and weeks before the general elections.

The NEF spokesman added that the informal sector of the economy has been destroyed in the last few weeks because there is no liquid cash.

He said, “There is a lot of anger and to see a situation where the President rather appears unwilling or incapable of reining in Emefiele and say, ‘Listen, perhaps we can allow the old naira and the new naira co-exist for the next six months’.

“President Buhari apparently doesn’t listen to anybody. Emefiele says I will do what I should do because the President has got my back. And Nigerians are saying we know the governor of the CBN is not who is doing all these; it is the President.

“If the President doesn’t want all this suffering and considers the other options, the governor of the CBN won’t get away with these things he is getting away with.”

Following the outcry by many Nigerians, the apex bank extended the deadline for the swap of old N200, N500, and ₦1,000 from January 31 to February 10.

But the Supreme Court held that the Federal Government, the CBN, and commercial banks must not continue with the deadline pending the determination of a notice in respect of the issue on February 15.

Already, at least more than seven APC states have sued the Federal Government and the apex bank over the naira redesign policy.