*** Hoarders Panic, Fights Back
***As Buhari Defies Pressure, Overides Minister, Back CBN
By: Our Reporter
Some Nigerians have been reported to have kept billions of Naira in underground water reservoirs, some in overhead water tanks, others on their farms and yet others in private warehouses.
The Central Bank of Nigeria CBN believes that, over N2.7Trillion, of the N3.2Trillion that is supposed to be in circulation are being hoarded.
Against the background that most of the hoarded money are ill-gotten and the hoarders are afraid of taking them to banks, there has been acute shortage of currencies available for circulation in the economy.
Anti corruption agencies suspect that, the currencies being hoarded, could be proceeds of corruption or those suspected to have been stolen from Government purses.
To this end, financial experts have described Plans by the Central Bank of Nigeria, CBN, to redesign and reissue certain categories of the Nigerian currency, the Naira, as the best economic policy of the Buhari administration so far.
But the move seems to be generating suspicions amongst certain category of Nigerians, who feel threatened by the policy.
Nigeria’s apex bank, the CBN, has given a run down of the potential benefits of the exercise, to wit discouraging currency hoarding, laundering, controlling currency circulation, monitoring criminal activities involving ransom payments and reducing counterfeiting of the currency: curtail circulation of bad and mutilated currency, amongst other economic vices.
The CBN equally feels that mopping up the hoarded currency could strengthen the country’s push towards a cashless economy, which has become the global practice.
Greater part of Nigerians are impressed with the plans and urge the Federal Government to go ahead, as the move may expose those who may have been sabotaging the economy.
Cross section of Nigerians who spoke to our correspondents believe that, President Muhammadu Buhari may at last be living up to his promise of fighting economic saboteurs and leaving behind a robust country.
But some people are of the opinion that there are ulterior motives by the Buhari Government in introducing the fiscal measures: one of which is to witchhunt politicians.
With the plan coming at a time the Government has vowed to intensify battle against monetization of elections, the currency redesign may alter the plans of those who may have stashed away money for use during next year’s elections.
Also the attendant threats by anti graft agencies to monitor individual and corporate financial transactions in the country, by channeling all transactions through the banks: currency hoarders feel that, they are being specifically targeted.
Our investigations reveal that,already some sections of Nigerians are being brainwashed to resist the planned redesigning and reissuance of new naira notes by the Central Bank.
Political and economic pundits have since faulted Nigeria’s Finance Minister, Hajiya Zainab Ahmed, who was amongst the first to speak against the planned policy.
To many, Zainab Ahmed was actually speaking on behalf of those threatened by the policy, which may expose those hoarding money for other dubious uses.
“It was rather absurd that, the Minister claims to be speaking the minds of the same Federal Government, which headship authorized the policy in the first place”, one if them argued. According to him, “Nigerians suspect that she is actually speaking the minds of politicians, who may have stashed away huge currencies for use during the forthcoming elections.”
While citing lack of consultations as the reason for her action, the Minister came short of convincing Nigerians that, she was not actually being the voice of Esau, while her hands were that of Jacob.
This is even as , President Muhammadu Buhari on Sunday said that the decision of the Central Bank of Nigeria (CBN) to launch new designs and replace high value Naira notes had his support and is convinced that the nation will gain a lot by doing so.
Presidential spokesman, Garba Shehu quoted the president as speaking in a Hausa radio interview to be aired Wednesday Morning on Tambari TV on Nilesat, President. Shehu said, President Buhari said reasons given to him by the CBN convinced him that the economy stood to benefit from reduction in inflation, currency counterfeiting and the excess cash in circulation.
He said he did not consider the period of three months for the change to the new notes as being short.
”People with illicit money buried under the soil will have a challenge with this but workers, businesses with legitimate incomes will face no difficulties at all.”
Our source in Government reveal that, President Muhammadu Buhari may have rebuked the Minister for controverting his actions, and went ahead to ask the CBN to continue with the plans.
The CBN has subsequently came out to dare Hajiya Zainab, insisting that, due processes were followed in introducing the new nites, and consulting her was not part of the due process.
Quoting the relevant sections that empower the apex bank to do so, the CBN explained that, the policy presupposes that the nation’s currency be redesigned and reissued every five to eight years, and the Naira was last redesigned about 19 years ago.
The bank argued that, this policy is long over due and those fighting to stall it are fighting a futile battle.
Sources confirmed to national TRAIL that the Minister may have also been abandoned by those who wrote and gave her the script to read in the first place, as they have resorted for lobbying to discontinue the policy untill after the elections
Our investigations reveal that President Muhammadu Buhari may have come under tremendous pressures to cause the central Bank of Nigeria, CBN to tarry the policy, untill next year’s elections are over.
The president we gathered, is however standing his grounds, having seen the benefits of a similar exercise, during his tenure as Military Head of state, in 1984.
It could be recalled that, as part of his regime’s war against Indiscipline and corruption, the Nigerian currency was redesigned in 1984, which yeilded positive economic results, even as it exposed those in the habit of hoarding money outside the banks.
Our correspondent in Kaduna reports that, Islamic clerics, including renowned Kaduna based, Sheik Mahmud Gumi, was amongst those who have been trying to discredit the currency redesign policy.
While the Government keeps a tab on Gumi, for his often controversial and suspicious outings with terrorists: who are part of the group the policy seeks to discourage, the clerk has lampooned the CBN Governor, Godwin Emefele for mulling the currency swap.
The Islamic cleric was quoted as disagreeing with the potential benefits of the policy as outlined by the apex bank.
To him, it was a deliberate plan to financially muscle poor Nigerians, especially his compatriots in the forests, whom he has been trying to pacify.
Our findings further reveal that, Gumi’s utterance over the policy has further drawn the attention of security operatives, who have kept him on the watchlist, since the arrest and subsequent arraignment of his compatriot, Tukur Mamu.
A few other Islamic clerics have been on the Social Media, condemning the plans, with one of them calling it antithetical to Islamic values.
Sources at the CBN confirmed to our correspondent that the new currency notes have already been delivered for onward implementation of the plan, even as reports have it that, some hoarders may be planning to share out their deposits to associates for deposit in banks to avoid scrutiny.
Investigations reveal that, since the announcement of the planned policy, cash deposits to banks have been rising steadily.
A bank official in Abuja told National TRAIL that, people are trying to beat the dateline already, by spreading their deposits to cover some time, even as the EFCC is said to have already swung into action.
The anti graft agency and the NDLEA, have both directed banks to comply with the relevant transaction limit policy and to verify all notify them if any attempt to lodge money for future deposits, which may be in catches.
There are very strong indications that, all the comments against the policy have the imprematur of some faceless terrorists financiers, desperate politicians and top Government officials who may ultimately face challenges if the plans
continue.
Sources at the CBN confirmed that the management is aware of the battles being fought and the likely unseen hands behind them, but the CBN is equally prepared to weather the storm.
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