By: Austine Emmanuel, Kaduna
Arewa Youth Consultative Forum, (AYCF) has said that the Naira redesign policy by Central Bank of Nigeria, (CBN) will enhance free, fair and credible poll in the forthcoming 2023 general elections.
The National President, AYCF Alhaji Yerima Shettima, made this known in a press conference held in Kaduna on Monday, said the policy will reduce the challenge of vote buying as it were in past elections.
He said the Arewa group is in support of any policy that has the ability to revive the nation’s economy from the high rate of inflation and therefore CBN should be commended for the bold step so they can be encouraged to do more.
Shettima further noted that the less cash available outside the banking system will reduce corrupt practices engendered by cash exchanges and will make it easier for government at all levels to checkmate terrorism financing.
He said, “We are in support of any policy review by the CBN that could help boost the value of our national currency, even if doing so will hurt politicans who have hidden millions in cash, with intent to buy up voters in the forthcoming general elections.
“It is clear to many Nigerians that wholesale hoarding of Naira banknotes by members of the public is now being dealt with by the policy of Naira redesign. Long before now, CBN’s available statistics show that cash outside banks consist of over 80 per cent of Currency-In -Circulation (CIC).
“The economy has suffered heavy, avoidable bruises. As at end-June 2022, available data indicated that N2.72 trillion out of the N3.26 trillion currency in circulation, was outside the vaults of commercial banks across the country, and supposedly held by the public.
“We are convinced, after our independent investigation, that there are very clear benefits such as effectiveness in monetary policy, a beautiful means for fight against corruption that we have not tried before in the economic history of this nation, strategic effort that could help in the stabilisation of the Exchange rate, More effective means of reducing inflation and helpful to the success of a free and fair Election,” he said.
The Northern group also disclosed that “the action of CBN was backed by constitution and the Rule of Law. The CBN has acted within limits of its monetary policy powers, on this naira redesign policy. The management of the CBN relied of section 2(b), section 18(a), and section 19(a)(b) of the CBN Act 2007. Add this to the Presidential approval, as provided by the laws of the land.
“We believe that the revised cash withdrawal was part of a component of economic reform policies that will help revive our national economy and ensure stability in the fight against terrorism financing, shameful level of official corruption and thievery by a section of the political class for more than a decade.
“The AYCF wishes to state that it will be suicidal for a policy of economic stabilisation to be reversed for the sake of few selfish political and self-serving interests.
“In view of the foregoing, we insist on any policy backed fully by the constitution and rule of Law under a democratic system that has the great potentials of bouncing back our national economy. Most importantly, Nigeria is not and will never be a Banana Republic.”