Ganduje knocks CBN again, tags naira policy ‘COVID-23’

Ganduje knocks CBN again, tags naira policy ‘COVID-23’

The Central Bank of Nigeria (CBN) recently implemented a naira redesign policy that has caused significant economic hardship across the country. Governor Abdullahi Umar Ganduje of Kano State has been vocal in his opposition to the policy, calling it a disease he has named “COVID-23.” He has also criticized his counterparts in Edo and Bayelsa states for supporting the CBN in court.

In a statement released by his Chief Press Secretary, Abba Anwar, Governor Ganduje expressed his concern for the people of Kano State and their well-being. He emphasized that anything that would disturb their lives must be rejected until the proper channel and good time are put forth.

He added that the virus coming from the CBN has affected all commercial banks, POS machines, ATMs, and other things associated with it. As the most populous state in the country, Kano is most affected by this unfortunate development.

To ease the hardship caused by the scarcity of naira notes, Governor Ganduje launched the distribution of palliatives that would cut across the 44 local government areas of the state. He emphasized that the beneficiaries of the palliatives are the people who are suffering the most from this anti-human and ill-advised phenomenon.

Governor Ganduje also criticized opposition parties for supporting the CBN’s naira policy and taking the situation to court. He expressed his surprise that governors of Bayelsa and Edo, both PDP states, were in the forefront of this blunder. He wondered what was wrong with speaking the truth about the suffering of Nigerians and rejecting this anti-people policy.

In his statement, the governor also expressed his confidence that the All Progressives Congress (APC) presidential candidate, Bola Tinubu, would end the hardship being experienced as a result of the naira crisis if elected president on Saturday.

While this may be a matter of political opinion, it is important to note that the economic crisis caused by the naira policy requires a more comprehensive and long-term solution that goes beyond political affiliations.

The CBN’s naira redesign policy was meant to tackle issues of currency hoarding, counterfeiting, and money laundering. However, its implementation has caused significant economic disruption, with long queues at banks and ATMs, difficulty in accessing cash, and the loss of business for many small traders who rely on cash transactions.

The policy has also been criticized for its timing, coming at a time when the country is grappling with multiple economic challenges, including rising inflation and unemployment rates, a struggling oil industry, and the impact of the COVID-19 pandemic. The naira crisis has only added to the burden of an already stressed economy.

It is important for the CBN to listen to the concerns of Nigerians and work towards finding a more sustainable solution to the currency crisis. While the policy was meant to address some pressing issues, its implementation has caused unintended consequences that have affected the lives of millions of Nigerians. The CBN must take into account the feedback from citizens and stakeholders and work towards a solution that addresses the root causes of the crisis while minimizing the impact on the lives of Nigerians.

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#Ganduje #knocks #CBN #tags #naira #policy #COVID23Ganduje knocks CBN again, tags naira policy ‘COVID-23’ Publish on 2023-02-22 11:20:14

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