CNG asks CBN to Reverse cash swap policy, withdrawal limit

The Coalition of Northern Groups (CNG) has restated its demand for the immediate reversal of the cash withdrawal limit policy of the Central Bank of Nigeria (CBN) and the time-frame for the exchange of old Naira notes.

In a statement, CNG spokesperson, Abdul-Azeez Suleiman, said Nigerians could no longer tolerate “the high-handedness” of the Governor of the CBN, Godwin Emefiele.

He described the insistence of the CBN Governor on February 10 deadline for the naira swap and limit for cash withdrawal as insensitive, irrational, unthoughtful and a clear recipe for disaster.

“The CNG finds it curious that an individual appointee of government would assume such arrogant larger than life status to push harsh difficult conditions on an entire nation just to achieve his personal desires.

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“It is important for Emefiele to begin to accept the reality that no one owns Nigeria and Nigerians and that the nation is angry and would not be expected to tolerate, accommodate or condone destructive actions by officials who choose to play God,” Suleiman said.

CNG warned that there is already a raging national anger over the mass sufferings brought about by the new regime of economic policies.

“Already, confusion has set in, millions of households were going hungry, businesses were closing down with palpable anger mounting all across the country.”

“It is the peak of official impunity to insist on the imposition of and implementing a financial policy in an unstable economic environment that lacks the necessary infrastructure to operate it.

“Based on this, the CNG hereby categorically rejects in its totality any further attempt to throw the nation into confusion by a single individual’ rigidity, whoever that individual may be.

“We condemn with all our might the suspicious rigid desperation by Emefiele to implement these policies without ensuring the intensification of public enlightenment about the cashless system so that everybody will be acquainted with the system, since there is a high rate of illiteracy.

“We reject these ignoble policies sought to be imposed on Nigerians without government providing uninterrupted power supply and adequate communication link. ‘The imposition of these policies without addressing the issue of network failure is also suspicious, smacks of a hidden agenda and therefore unacceptable.

“Finally, the CNG holds that it is unacceptable for a single individual to be allowed to hold the entire nation to ransom in the pursuit of his personal political agenda having lost the bid to contest the presidency.

“And for the avoidance of doubt the CNG may be left with no option than to join the calls for a nationwide sustained protest if the CBN fails to make the new naira notes available and readily accessible,” the group added.