By Abubakar Yunusa Abuja
The Resource Centre for Human Rights and Civic Education (CHRICED), has frowned at the decision of the Central Bank of Nigeria (CBN) to cash swap policy, saying that the policy has inflicted on many millions of ordinary Nigerian.
Recalled President Muhammadu Buhari last week in Kastina said the Cash swap policy has assured Nigerians that the government will ensure that citizens are unharmed in their businesses and no disruption is caused to the entire supply chain arising from the currency swap due to end shortly.
He reiterated that several initiatives by the Central Bank of Nigeria (CBN) and all commercial banks are underway to speed up the distribution of the new notes and do all that is necessary to forestall cash squeeze and chaos.
Speaking at a press conference on the state of the nation Thursday at the top rank rotel galaxy, the Executive Director, Comrade Ibrahim M. Zikirullahi said the fact remains that CBN’s cash swap policy continues to impoverish many more Nigerians.
He noted that when the benefits and drawbacks of the currency redesign and swap policy are considered, there is no doubt that it is a colossal failure and an unmitigated disaster, Criminals, and money launderers.
Zikirullahi opined that vote buyers have taken advantage of the CBN system’s porous nature to conceal their wealth., while ordinary citizens who require only little amounts of cash for daily survival have no access to the currency.
“We are in a situation where Naira is now used to buy Naira In addition, the CBN’s unpopular policy of redesigning Naira notes is already driving honest and hardworking farmers, traders, and artisans in rural areas whose funds are all in cash into bankruptcy.
The Human Rights group strongly condemned the suffering and agony inflicted on millions of ordinary Nigerians in recent weeks. These travails are the outcomes of the CBN’s sloppy implementation of the currency redesign and swap policy (CBN).
According to him, CHRICED in a previous intervention warned that if the apex bank does not handle this policy carefully, it will cause unnecessary hardship, particularly in rural areas.
Zikirullahi said, “CHRICED prediction has proven to be correct. Not only was the level of citizen sensitization for such a significant policy low, but the apex bank also failed to form any effective collaboration with institutions such as the National Orientation Agency (NDA) to get the important message about the currency redesign and swap across to citizens, especially those in rural areas.
“From the CBN currency debacle to the fuel and Permanent Voters Cards (PVC) collection queues, which have nearly become a permanent feature of everyday Nigerian life, the elements of corruption and the absence of the rule of law are clear for all to see.
“ CHRICED is of the view that the anti-corruption mantra, which enabled President Muhammadu Buhari and his co-travelers in the All Progressives Congress (APC) to win presidential power in 2015 and later in 2019, has now taken a back seat.
“Nigerians have seen massive corruption allegations ranging from all theft to alleged disappearance of stamp duty revenue made against key State functionaries being swept under the rug.
“ Allegations of corruption against leaders in positions of power within institutions that should be on the front lines of governance, are simply ignored and dismissed.
A case in point is the fact that for some time, CBN Governor Godwin Emefiele became a justice after going into hiding for nearly two weeks to avoid arrest on allegations of terrorism financing made against him by the Department of State Services (DSS),” he said.
