The debilitating effects of the Naira swap policy enacted by the Central Bank of Nigeria (CBN) has elicited a scathing critique from the Academic Staff Union of Universities (ASUU).
Professor Emmanuel Osodeke, in a statement issued on Friday, slammed the CBN Governor, Godwin Emefiele, for ambushing Nigerians with the policy.
“Nigerians are gasping for breath under the suffocating atmosphere created by the ruling class is to state the obvious,” he stated.
The ASUU president added that in order to adequately assess the extent of the harm caused by the crisis brought on by the country’s currency redesign, developmental economists would need to make extremely serious efforts.
“The ambush tactic of Godwin Emefiele to ‘eliminate cash’ was applied in India in 2016 with unsalutary consequences. So, ASUU commends the Supreme Court for siding with the suffering Nigerians, whose miserable lives would have been compounded by Emefiele’s policy if they are not sent to their early graves by it.
“In the same way government’s explanation on non-circulation of the redesigned currency is meaningless, no attempt to rationalise non-accessibility of petroleum products is tenable. This outgoing government raised Nigerians’ hope of fixing the country’s refineries when it was coming to power in 2015.
“Eight years down the line, it has been giving one excuse after another; allowing a free rein to the oil subsidy scammers! Nigerians know the truth; they know the local refineries can work if the core leadership of the ruling class is willing to commit class suicide. But it’s a poisonous tablet none is willing to swallow.”
Meanwhile, the National Council of States declared its support for the naira redesign policy.
Abubakar Malami, Nigeria’s attorney-general, said this while addressing journalists at the end of the council’s meeting at the State House, Abuja, on Friday.
He said the council supported the policy but charged the central bank to do more to make the new naira notes available across the country.
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