Zamfara gov’s aide – Why states took FG to S’Court over naira crisis
Zamfara gov’s aide – Why states took FG to S’Court over naira crisis
Zamfara State is one of the three states that initially took the Federal Government to the Supreme Court over the Central Bank of Nigeria’s naira swap policy. Zailani Bappa, Special Adviser to Governor, Bello Matawalle on Public Enlightenment, Media and Communications speaks with MAIHRAJI ALTINE on why the state joined others to institute the case
Governor Bello Mattawalle is one of three governors who decided to take the CBN to court to stop the naira notes swap. What do you think has informed his decision to take the action, considering the fact that he belongs to the ruling APC government?
He is indeed one of the three progressives and bold governors who went to the Supreme Court to challenge the deadline for the Naira swap. By “progressive governors,” I mean the APC governors in Nigeria.
It is not common for politicians to find fault in either a policy or its implementation by their own government.
However, it is a disservice to the common man if the ruling party will not tell itself the truth about the people’s pulse regarding either its policy or its implementation.
No doubt, the cashless policy is a very commendable one, and, in fact, we cannot wish it away in the present dispensation.
However, the Central Bank appears to be either unprepared or in a rush to implement the policy, resulting in poor implementation and, as you can see, untold negative consequences for the economy, particularly the micro economy.
It has plunged families into a serious demand and supply crisis due to the scarcity of the new Naira notes and the poor online transactions we are witnessing as a result. What we are saying is that these crises must be fully addressed before the old naira notes are finally declared non-legal tender.
The Supreme Court has issued an interim injunction prohibiting the Central Bank of Nigeria from enforcing its plan to phase out old notes as legal tender on January 10, pending its final ruling on the matter on February 15. Can we say that the three governors have made headway towards saving their people and the entire people of the country from losing their money?
The Supreme Court ruling is a triumph for justice for ordinary Nigerians. I think the entire people of Nigeria, irrespective of political affiliations, should commend the efforts of the three governors in this regard.
According to my understanding, the purpose of going to court is not to mock anyone or undermine any interests, but to correct existing flaws in the implementation of the policy at hand.
Governor Mattawalle has informed the people of the state to continue using both the old and the new Naira notes and has directed the security agents to arrest anybody who refuses to accept the old Naira notes as legal tender. How do you see this?
The governor has indeed held a meeting with all the bank managers in the state. He urged them to put the interests of the people first.
He called on those who disobeyed the order of the Supreme Court to respect the highest court of the land.
As the frontline advocate of the ruling, and as the Chief Security Officer of the state, he has the right to enforce this ruling in the interest of the common man.
Hence, anybody found sabotaging these efforts has been warned to desist or get arrested and prosecuted.
Matawalle said the current redesign was ill-timed and wrongly implemented. Are you in support of this and why?
No doubt, the policy is good. Sooner or later, no country in the world can survive the present world economic order without adopting this modernity.
The cashless policy is the best way to advance the economy because more money will be in the banking sector than in the hands of people. This will enable banks to finance more projects and loan out more money to businesses.
However, most countries that achieve success in this regard implement the policy in a graduated manner. The process has to be gradual, not drastic. In that way, neither the people nor the economy will suffer.
In our own case, it was brought to us in a very sudden and cumbersome manner.
To compound the matter, it has to be implemented at a critical time in our political transition.
I am sure you were a witness to the time when the Independent National Electoral Commission Chairman paid a visit to the CBN Governor to register his concern as to the success of his agency’s exercise amidst this crisis.
The agency needs enough fuel to run around unhindered; it also needs cash to deal with staff movements, allowances, and other exigencies. The cash is not readily available. These are some of the issues that we are talking about.
Matawalle said the country has been plunged into a serious crisis by the decision of the Central Bank to cease recognition of the old naira notes as legal tender from February 10. Can you shed more light on this?
If you go out into the streets today, you will see the answer to your question in practical terms. Instead of seeing people going about doing their normal businesses, all you see is people languishing in front of commercial banks, waiting for the banks to drizzle a few Naira notes into their Automated Teller Machines so a few people can get some.
If you go to the filling stations, you will see people fighting to get fuel at a controlled price if there is a network for them to pay with the Point of Sales terminal. If you go to the market, you see small businesses crumbling due to a lack of cash to buy their stuff; those with perishable goods are running into losses.
Civil servants no longer stay in office but go about looking for the small amount of cash needed to buy piecemeal foodstuff for their families’ daily survival.