Governor of the Central Bank of Nigeria

Nigeria Governors' Forum (NGF) has described what the Central Bank of Nigeria (CBN) is currently implementing as currency confiscation.

“It is our considered view that what the CBN is at present pursuing is a currency confiscation programme, not the currency exchange policy envisaged under S20(3) of the CBN Act, 2007,” the governors said in a the communiqué signed by Aminu Waziri Tambuwal, chairman of the forum and governor of Sokoto State. The Bank appears not to have taken into consideration the increase in the size of the country’s nominal GDP over this period, the doubling of consumer prices, rising population, and the impact of the humongous Ways & Means advances to the federal government by the Central Bank of Nigeria over this period. According to the CBN, the currency in circulation increased from N1.4 trillion in 2015 to N3.23 trillion in October 2022.

Governors of the 36 states of the federation have warned of impending recession following the damage the current scarcity of Naira notes is doing to the.

Our task now is to restore hope in the country by implementing these steps to energise our people so that we can do big things for a better future and shared prosperity. “Despite the challenges and current difficulties, we are a country of resilient, bold and courageous people who don’t succumb to hard times. “For the records, I and my running mate, Senator Kashim Shettima and our campaign council do not have anything against the CBN Naira redesign and cashless policy in principle. We can build upon this citizen-focused policy challenge to offer a template on how government should work for the people”. “We hear the loud cries of farmers in rural areas and hinterlands who have been forced to sell their produce at much lower prices so they don’t lose out completely. “And banking halls across the country with individuals hoping to get a fraction of their money in new notes to meet their daily livelihood. The past few weeks have been quite traumatic for a lot of Nigerian citizens and small businesses particularly – coupled with the fuel issue. “This situation is not good for anyone, the industry, the government and the ordinary citizen. Currently, we have an environment of mistrust and delayed transactions which is hugely frustrating, unreliable and unacceptable.” “I don’t think we should shut down the economy because of pending elections. He explained, “I would put a rough estimate of a 25 per cent drop on monthly sales of domestic goods if the situation should persist for the next three weeks. He stated: “The trade sector contributes about 14 percent of GDP valued at an estimated N35 trillion; the agricultural sector contributes 25 per cent, valued at an estimated N62 trillion.

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On account of the hard-biting economic conditions, many of our brothers and sisters are pauperised and go to bed without food. The future of the country looks bleak.” Earlier, the Catholic Archbishop of Abuja, Most Rev. “It is our considered view that what the CBN is at present pursuing is a currency confiscation programme, not the currency exchange policy envisaged under S20(3) of the CBN Act, 2007. This situation is further compounded by the growing debt burden that is mortgaging our future and the future of generations coming after us. “In addition, considering the sizeable informal sector in the nation, the amount of banknotes created in exchange so far by the CBN implies it vastly underestimated the economy’s actual cash needs. The inability to use the new notes has had far-reaching economic effects leading to the emergence of the Naira black market, severe food inflation, variable commodities prices based on the method of exchange, and long queues as well as crowds around Automated Teller Machines (ATMs) and banking halls across the country with individuals hoping to get a fraction of their money in new notes to meet their daily livelihood. We can build upon this citizen-focused policy challenge to offer a template on how governance should work for the people.” The Bank appears not to have taken into consideration the increase in the size of the country’s nominal GDP over this period, the doubling of consumer prices, the rising population, and the impact of the humongous Ways & Means advances to the federal government by the Central Bank of Nigeria over this period. According to the CBN, the currency in circulation increased from N1.4 trillion in 2015 to N3.23 trillion in October 2022. The communique said, “First, we express our sympathies and support with Nigerians who are experiencing great difficulties under the current CBN Naira re-design and cash withdrawal restrictions policy. President of CBCN, Most Rev.