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Group threatens to occupy CBN for seven days over exchange rate

By Matthew Ogune, Abuja
16 November 2021   |   8:29 am
Nigeria youths under the auspices of Nigerian Youth Initiative for Good Governance (NYIGG) have vowed to mobilise Nigeria masses to occupy the headquarters of the Central Bank of Nigeria (CBN) if President Muhammadu Buhari fails to relieve the governor, Godwin Emefiele, of his duties within seven days. The National Bureau of Statistics (NBS), in its…

Central Bank of Nigeria

Nigeria youths under the auspices of Nigerian Youth Initiative for Good Governance (NYIGG) have vowed to mobilise Nigeria masses to occupy the headquarters of the Central Bank of Nigeria (CBN) if President Muhammadu Buhari fails to relieve the governor, Godwin Emefiele, of his duties within seven days.

The National Bureau of Statistics (NBS), in its report on monday disclosed that the composite food index rose by 18.34 percent in October 2021 compared to 17.38 percent in October 2020.

The rise in the food index, the NBS authorities said was caused by increases in prices of food product such as coffee, tea and cocoa, milk, cheese and eggs, Bread and cereals, Vegetables and Potatoes, yam and other tuber.

According to the Convener / National Coordinator, NYIGG, Engr, Adeyemi Lukman, the inconsistent and poor monetary and fiscal policies of the CBN was solely responsible for the sky-rocketed prices of commodities in the market which he noted is almost going above the reach of the masses.

Lukman stated: “He may choose to voluntarily resign because we will be left with no choice than to mobilize Nigeria masses that are at the receiving ends of his failed monetary policy and financial mis-management to occupy CBN until his removal is effected in the next 7days.

“The current state of our nose diving economy call for the concern of all. The leadership of NYIGG hereby calls for immediate removal of Mr. Godwin Emefiele the Governor of Central Bank of Nigeria for gross incompetency due to his inability to safe Nigeria economy from further failure as indicated through his ineptitude to provide viable economy, price control, a strong naira and a stable exchange rate.”

He went on: “His involvement in contract racketeering and executions through his fronts majorly in the supply of fertilizers in the Anchor Borrower Programme is a gross abuse of public office and we will take this up legally with him in due course with evidences.

“This action which has further compromise the objectives of the Anchor Borrower Programme and giving rooms for excuses by beneficiaries not to perform. Or how can we justify the billons of naira invested in Maize production, Rice Production and other produce with their uncontrollable and unaffordable prices in the market.

“Take for example rice which is stable food across all tribes in Nigeria before the Anchor Borrower Programme through Rice Farmers Association of Nigeria (RIFAN) price of a bag of Rice is less than N10,000:00 but today it varies from N33,000 to N25,000 depending on your choice then where is the justification for the Anchor Borrower Programme rather than an avenue for some influential few to keep enriching themselves with our common wealth at the expense of the masses.

“How can a man who claims to be a renowned economist on inauguration as CBN Governor meet the Naira exchange rate at N155 to a dollar and as at today is N570 to a dollar, this shows that his monetary and fiscal policy are nothing to write home about.

“The inconsistent and poor monetary and fiscal policies of Mr. Emefiele as CBN Governor is grossly responsible for the instability in the economy, high rate of inflation, a weakened/worthless Naira, a very demeaning exchange rate of Naira compare to all other currency even Cefas and other currency across Africa not to talk of Dollars, Euro, Pound Sterling and uncontrollable exchange rate.

“Today Nigerian people are leaving below poverty level; prices of all essential commodities are on the rise on daily basis from 7percent in 2014 to almost 39percent now. How can one justify that the cheapest toothpaste in the market now is N200 smallest size not to talk of food items that involve importation.

“For your failure to perform your primary duties of ensuring a strong Naira, stable exchange rate, ensuring price control, an healthy monetary and fiscal policies of which the reverse is consistently the case under your leadership and gross abuse of office, Please, Mr. CBN Governor resign honourably and safe our economy from further destruction.

“We call on all Nigeria Youth, Students, Social activist and most especially the Nigeria masses who are most affected by this economy catastrophe to join us in the crusade to salvage Nigeria Economy.”