Godwin Emefiele, the Governor of the Central Bank of Nigeria urged Nigerians that the pain they are experiencing as a consequence of the naira redesign is temporary, assuring that the long-term benefit to Nigeria is overwhelming and should be given a chance to work.
Emefiele disclosed this on Thursday when fielded questions from State House correspondents after a closed-door meeting with President Muhammadu Buhari on Thursday in Abuja.
He added the policy reduces the problem of corruption and illicit financial flows and resolves some of the problems in the economy.
Allow it to work: Godwin Emefiele said he has directed commercial banks to adhere to President Buhari’s directive to make available N200 notes for circulation, appealing to Nigerians that the plan will work, he said:
- “The truth is that we are all servants. We are serving Nigerians. As far as we are concerned the Attorney General has spoken on this matter and the president has sealed the whole issue this morning in his broadcast.
- “I think I can only just appeal to Nigerians, let’s allow this policy to work.
- “This policy is one policy that goes to reduce the problem of corruption and illicit financial flows; this policy goes to resolve some of the problems in the economy.
- “This policy also goes to reducing the level of insecurity in the country.
Temporary Pains: He noted that despite the temporary pains, there are long-term benefits for Nigeria.
- “So, these three issues which are the tripod of this administration’s policy are all embedded in this policy.
- “We should just allow it to work. We keep saying this, there are some temporary pains, but I can assure Nigerians that the long-term benefit to Nigeria is overwhelming and we should just give it a chance to work.”
Ado Doguwa, The House of Reps Chairman of the Special Adhoc Committee on Naira Redesign, Cashless Policy, and Naira Swap, said the committee came to see the president in spite of his broadcast and his directives to the CBN governor to commend him for that but to also tell him that.
- “One important thing I want to stress is that Mr. President has addressed most of the issues we want to raise with him in the national broadcast this morning.
- “But that notwithstanding, Mr. President allowed us to meet him believing the fact that the committee coming to him represents the institution of the National Assembly.
- “And when you have issues to do with policies of the government, you have matters that border on lives and livelihood of our people, the best institution to speak for Nigerians is this institution, the National Assembly and in this case, the House of Representatives.”
In case you missed it
The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, insisted earlier this week that there was no need to shift the February 10 deadline for the swapping of the old naira with the newly redesigned naira notes.
The CBN Governor said, “The situation is substantially calming down since the commencement of over-the-counter payments to complement ATM disbursements and the use of super-agents.
“There is, therefore, no need to consider any shift from the deadline of February 10.”