By Babalola Seyi
The Neo Africana Centre (NAC), a public policy think tank, has thrown its weight behind the currency swap policy of the Federal Government which has seen some denominations of the old Naira notes give way to redesigned ones. The Centre said it is persuaded to back the policy following the valuable light which President Muhammadu Buhari has shed on the matter.
In a national broadcast on Thursday, President Buhari pointed out that a very high percentage of Currency-in-Circulation was outside the banking system, thereby aiding illicit financial flows and distorting financial policy and efficient management of inflation. Under the new policy, about 80 per cent of bank notes which were hitherto kept in the private vaults of individuals and institutions have been reintroduced into the system. This development will accelerate economic activities, reduce inflation and strengthen our macroeconomic activities. It will also minimize the influence of money in politics as we go into general elections next week.
NAC said that these laudable economic outcomes flowing from the new monetary policy should be supported by patriotic and well-meaning Nigerians. It believes that any person or institution opposed to these noble objectives is an economic saboteur and should be treated as such. The Centre also calls on Nigerians not to make themselves available to be used by unscrupulous elements to disrupt public peace.
In a statement by its Director of Public Affairs, Jenkins Udu, NAIC urges Nigerians to appreciate the noble intentions of the government and understand that the policy is not directed at any person or group but an effort to stabilize the Nigerian economy.
The statement reads in part: “After listening to the president’s address on the ongoing currency swap, we are convinced more that the policy is in the best interest of Nigerians. As an institution that pays serious attention to matters of public policy and democracy, we urge Nigerians to embrace this new monetary policy. Before now, we had frowned on the orchestrated effort within the fold of the All Progressives Congress (APC) to truncate the policy. It has now become obvious that those devious moves by some highly placed politicians especially in the APC are self-serving and unpatriotic.
“It is, however, gratifying to note that some patriotic politicians like Mr. Peter Obi of the Labour Party have embraced the policy for all the good reasons. We applaud this selfless disposition of Mr. Obi and urge other politicians to look beyond their partisan interests and appreciate the fact that the new monetary policy is in the best interest of the country. Those who seek to take advantage of the system for their personal gains are enemies of the people and should be shunned like a plague.
“We, therefore, call on Nigerians not to be taken in by the antics of naysayers who have been sponsoring protests in some parts of the country. We suspect that these sponsored protests are ploys aimed at truncating the general elections just by the corner. Nigerians should not allow a few bad eggs in the system to pollute the rest of the people.
“We reiterate the fact that the new policy if it is allowed to thrive, will reduce the influence of money in our elections. This is what we need at this time when the country is going into a very crucial election. Anybody interested in fair, transparent, and credible elections should support this laudable economic policy.”
