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Naira redesign: Finance minister gets backing as Buhari urged to sack Emefiele

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Human Rights Writers Association of Nigeria (HURIWA), on Saturday, backed the Minister of Finance, Budget and National Planning, Zainab Ahmed, who warned of “serious consequences on the value of the naira against other foreign currencies” if the Central Bank of Nigeria continues with its plan to redesign the N200, N500, and N1,000 notes.

HURIWA’s National Coordinator, Comrade Emmanuel Onwubiko, in a press release, described the deliberate redesign of the three banknotes as a money-guzzling gambit that can tumble the worth of the naira and additional destabilise the economic system.

The group mentioned the CBN Governor, Godwin Emefiele, has once more proved his incompetence by way of the sham plan greatest described as movement with out motion. It consequently referred to as on the National Assembly to transfer for the impeachment of the apex financial institution governor as President Muhammadu Buhari has refused to sack him and put an finish to Nigeria’s fiscal woes.

Emefiele had on Wednesday mentioned the CBN will problem redesigned N200, N500, and N1,000 notes, efficient December 15, 2022, whereas the brand new and current currencies will stay authorized tender and flow into collectively till January 31, 2023.

However, the finance minister on Friday mentioned the CBN governor didn’t carry her ministry alongside within the deliberate redesign of the three banknotes. “The policy as rolled out at this time portends serious consequences on the value of the naira against other foreign currencies,” Ahmed informed the Senate Committee on the 2023 funds defence session.

In a swift rebuttal, the CBN, by way of its spokesman, Osita Nwanisob, expressed “surprise at the minister’s claim, stressing that the CBN remains a very thorough institution that follows due process in its policy actions”.

Commenting, HURIWA’s Onwubiko mentioned, “Nigeria is certainly troubled with a so-disorganised Federal Government to the extent that the finance minister now brazenly disagrees with the CBN governor over the nation’s cardinal fiscal insurance policies! No doubt, this portends hazard to the nation’s economic system and monetary administration.

“The discordance and embarrassing public spat between Ahmad and Emefiele reveal the shortage of nationwide planning and inter-agency and inter-ministerial collaboration of prime echelons of the regime of President Muhammadu Buhari.

“This will not be the primary of such disgraceful feuds amongst Buhari’s ministries and companies. For months now, the Police Service Commission and the Nigeria Police Force have engaged in a protracted dispute over the recruitment of police constables

“In April 2021, the National Bureau of Statistics took to Twitter to struggle soiled with the Minister of Labour and Employment, Chris Ngige for faulting its employment statistics. The examples are countless underneath Buhari, but his it-does-not-concern-me pose.

“HURIWA dismisses the redesigning of the naira as a money-guzzling gambit that can tumble the worth of the naira to the {dollars} as seen in the meanwhile already after the argument by the finance minister.

“We call on the National Assembly to stop the CBN governor or impeach him by 2/3 majority to compel Buhari to sack him.”

Naira redesign: Finance minister gets backing as Buhari urged to sack Emefiele

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