The Kulen Allah Cattle Rearers Association of Nigeria (KACRAN) has called for the immediate sack of the governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, and for the extension of the withdrawal of old currencies from circulation till December 2023.
A statement signed on Tuesday by the National President of the association, Hon Khalil Bello alleged that Emefiele had plunged Nigerians and the financial system of the country into tribulation and confusion.
The statement read: “The Governor of Central Bank, has painfully plunged Nigerians and our financial system into unnecessary tribulations and confusion, due to the re-designing of some of the old currencies and the introduction of the new naira notes.
“The inability or failure of CBN to adequately provide sufficient naira notes for circulation is a cause of concern for KACRAN, because this has unleashed untold and unnecessary hardship on numerous Nigerians particularly the rural dwellers and our pastoralists.
“With only a few days left for the total abandonment of the old currencies, many of our members who abandoned their livestock to seek to change their old currency, are already suffering unimaginable inconveniences and financial losses.”
The association also alleged that because of the shortfall of the new currencies in circulation, all over the country including Abuja, citizen’s purchasing power was drastically reduced, and payments for medical, legal and other emergency financial transactions were hampered, resulting in untold hardship on the people.
“It is embarrassing that the governor of CBN, single handedly hatched and implemented this controversial and unpopular programme to the ridicule of the Minister of Finance.”
Bello said: “It is also unfortunate that the CBN governor, went ahead hurriedly to implement this programme without making adequate provision of the new currency notes to be given sufficiently to our banks and other financial institutions, including POS centres for issuance to their customers in exchange to their old notes.”
He alleged that Emefiele had completely forgotten that Nigeria was operating a democratic system of government where people’s view or opinions must be heard and utilized before executing government policies, lamenting that the CBN governor
deliberately refused to heed all the calls and passionate appeals made by Nigerians for the extension of the period for acceptance of the old currency.
He noted that: “The most painful of all is the unacceptable stand of refusing to consider several appeals for the extension of time by many Nigerians.
“He has insisted on his time frame which seems to be sacrosanct.”
Bello added that his stand on the stoppage of the collection of the old notes by 31 January, 2023, had seriously terrified Nigerians and sent a bad signal to poor herders and traders who were living in the bushes or in the remote areas of the country.
He said: “KACRAN also wishes to observe. with great concern that apart from exposing our people to unnecessary hunger and fear of impoverishment due to the said unplanned naira redesigning and effective withdrawal of old currency is forcing, many Nigerians to abandon their businesses and move to cities to change their old currencies in banks before the dateline.
“It is also absurd that the Central bank governor, failed to apply the principles of currency change management before introducing this new policy across the country. Because there was no sensitization of the public, no awareness was created and the people were not educated on the need for the change, etc.
“The none appearance of the Central Bank Governor before our esteemed Honourable members of the National Assembly on different occasions for clarification on the said issue, which raised dust and high tension in the country and set bad presidence to other top government’s functionaries to disrespect our lawmakers is another reason why the Governor of the Central Bank should be relieved of his duty.”
He also stressed that the fact that the CBN governor plunged the entire country’s financial system into uncertainties was very dangerous to the nation’s development and food security. He said this should be enough ground for him to be sacked.
He said “most Nigerians are not comfortable with his financial policies, as a result they no longer repose trust on him is another reason why he ought to be sacked from his position.”