NAS also advocated for remedial actions for Nigerians in line with the Federal Government’s obligation to cater for the economic well-being of the people.
The National Association of Seadogs (Pyrates Confraternity) has slammed the Nigerian Government and the Central Bank of Nigeria (CBN) over the “shambolic implementation” of the new naira policy, describing it as “disappointing and unacceptable”.
The group has therefore sued for calm, stating that it “unequivocally discourages violence over the demeaning inconvenience they have been subjected to as fallout of naira scarcity”.
NAS also advocated for remedial actions for Nigerians in line with the Federal Government’s obligation to cater for the economic well-being of the people.
The NAS Capoon, Mr Abiola Owoaje in a statement entitled, ‘Naira Redesign debacle: Suffering Nigerians need urgent solutions,’ said disturbing scenes at banking halls and automated teller machines are depressing and scandalous.
“Nigerians who had deposited their old N200, N500 and N1000 notes in commercial banks as directed by the CBN have found it extremely difficult to access the new notes due to acute shortages. The severe cash crunch in turn has triggered economic chaos. Even at the few Point-of-Sale (POS) service providers where Nigerians have found solace, they are forced to pay outrageous charges to get cash.”
Owoaje while noting the powers of CBN to implement the naira policy however carpeted the apex bank for the three-month notice, adding that “argument by the CBN and Federal Government officials that the three-month window was enough is unreasonable and is not validated by any factual calculation or consideration.”
He stated that other countries have executed efficient templates for implementation of currency redesign pointing out that the CBN should have been aware of the “infrastructural and strategic planning requirements for making a success of this exercise.”
“For instance, reliable and interconnected electronic payment systems, efficient digital platforms, wide accessibility to end-users, general awareness and technical expertise, and efficient error remediation systems are important steps for making such a currency redesign project a success. There is no evidence that the CBN had ensured that these steps were in place before embarking on this ambitious programme and preventing the trauma and hardship that have been unleashed on Nigerians nationwide,” he said.
Owoaje therefore advocated that the CBN should pump more money into the financial system to debunk the allegation that it printed only N300 billion new notes.
He called for a wholesale review of the cashless policy with a view to identifying the loopholes in the enabling infrastructure and technical expertise, especially in liaison with Fintech companies to mitigate hardship on Nigerians.
Furthermore, Owoaje urged state governors to emulate Lagos and Borno state governors, Babajide Sanwo-Olu and Babagana Zulum respectively, in rolling out welfare packages for citizens to ameliorate their suffering.
He also urged the CBN to grant all the concessions requested by the Independent National Electoral Commission (INEC) to ensure hitch-free general elections while calling on the anti-graft agencies to double up their efforts to fish out all those hoarding and selling the new notes.
“The past few weeks have been traumatic for Nigerians, many who can no longer bear the severe difficulties encountered due to the scarcity of naira. It is the responsibility of the Federal Government to cater for the well-being of Nigerians, now is the time for effective action before it is too late,” he added.