The Nigeria Governors’ Forum (NGF) has urged President Muhammadu Buhari to extend the deadline for the validity of the old naira notes.
The NGF also enjoined President Buhari to approve an expanded time frame for the implementation of the cashless policy of the Central Bank of Nigeria (CBN) and direct the apex bank to make the new notes available within the time frame.
The governors made the call via a letter addressed to the President and dated February 6, 2023.
The letter was signed by the NGF Chairman and Sokoto State Governor, Aminu Tambuwal.
The governors noted that though the “identified constraints are to be found in almost every state in the country, they are particularly evident in states like Borno in the North East and Bayelsa in the south-south where one finds a pitiable number of banks located only in the state capital which would basically render the workability of the new policies impossible for now.”
The NGF added: “The speed of implementation of the policy is a recipe for anarchy in the country and we urge a re-think of the policy. Regarding the reviewed cash withdrawal limit, we have found from synthesizing experiences across the country that the informal sector in the States, particularly in the Northern and Niger Delta States almost wholly depends on cash transactions because of the nature of their trade.
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“It is our view, Sir, that an immediate limitation in the use of cash without robust engagement with stakeholders as well as the provision of accessible alternatives will deny such people legitimate sources of livelihood.
“We fear that the cumulative effect of these unintended but very profound and probable consequences of these policies would be a rise in the number of unemployed and unengaged persons who will inevitably resort to crime to make ends meet. This has a dangerous implication for the security of the country and the potential to derail Mr President’s security agenda.”
Speaking on the new naira notes, the Forum said: “We most respectfully pray Mr President to approve an expanded time frame for the implementation of the policy and direct the CBN to make the new notes available within the enlarged time frame.
“Direct a thorough assessment of the prevailing economic conditions related to the implementation of the currency change and cash withdrawal limit policies. Direct that States be involved in future discussions regarding the policies in order to have revised policies that would recognize and consider states’ peculiarities.
“Consider and approve the putting in place of necessary infrastructure and facilities within a reasonable time frame to facilitate the implementation of the policy, including introducing incentives to encourage the use of digital payment solutions. This will help reduce the pressure on physical cash and promote financial inclusion, investing in infrastructure to expand access to financial services.
“Direct that a robust enlightenment campaign be mounted to create sufficient awareness in the citizens of the thrust of the policy. This will help people better understand the implications of the naira redesign and cash withdrawal limits and how to use digital payments platforms,” the NGF noted.
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