Senate Accuses Former CBN Governor Of Election Sabotage With New Naira Notes


President of the Senate, Godswill Akpabio, on Tuesday, alluded to how Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN) attempted to sabotage the 2023 general elections, by replacing the old naira notes with new ones.
Akpabio made the allusion on Tuesday when the Senate confirmed nominees for the position of the CBN governor and four deputies.
Concurring with an earlier poser raised by Senator Adams Oshiomhole, Akpabio said: “Adams Oshiomhole thanks for the lecture. I identify myself with you since you didn’t not ask any question, I’ll like to ask one on your behalf.
“CBN Governor, will you uphold the integrity, steadfastness – to resist when politicians come to you to join the presidential race and display your posters even as a sitting CBN Governor in political conventions.
“Will you rush to display your profile electronically at political conventions while sitting as a governor because politicians have told you that you have enough money in CBN to do it.
“Don’t forget the fact that the money in the Central Bank isn’t for you. Will you have the courage to resist the temptation to listen to politicians and throw your hat into the ring and go back to your office and sit as CBN Governor?
“Will you rush to sabotage election in Nigeria by going for new notes, two days to election when no country in the world changes new notes under one year, you do your own in 14 days or 11 to see how you can sabotage election in Nigeria.”
Meanwhile, the Senate on Tuesday after over three hours of rigorous screening exercise, carried out on Mr Olayemi Cardoso as nominee for governorship of the Central Bank of Nigeria ( CBN ) , confirmed his appointments and those for deputy governors positions at the apex bank .
Those confirmed deputy governors of CBN are Emem Usoro , Muhammad Abdullahi – Dattijo , Philip Ikeazor and Bala Bello .
But before confirmation of appointments of CBN governor and deputy governors, senators across political lines in comments made and questions thrown at the appointees during screening, lamented over continuous slide of the Naira against the US dollar and failing of the Nation’s economy generally .
Abdulaziz Yari, fired the first salvo at the CBN governor by asking him on he intend to do with current worrisome situation of Naira in the forex market and general weakness of the economy .
Orji Uzor Kalu also asked similar question by declaring that the appointees are coming on board at a very difficult time .
“The situation at hand about the Nation’s economy and particularly the Naira that has almost lost its value , is pathetic
“Central Bank before your appointments , also contributed to the economic woes by either wittingly or unwittingly, digreesed from its statutory responsibilities into all manner of Trades and importations,” he said.
Akpabio, at different intervals , joined in the lamentation on the failing economy by specifically asking the CBN Governor how he and his Deputies , would rescue the situation .
“We don’t need to deceive ourselves , N1, 000 to a US dollar and largely consumptive economy is very worrisome .
” What Nigerians would be expecting from the new governor and his deputies , are monetary policies that would strengthen the Naira and stabilise the economy,” he said .
The interrogative session for the appointees was made hotter by Enyinnaya Abaribe by pointedly asking the CBN Governor , if he would have the courage to say No to request on ‘ Ways and Means ‘ from the President , which according to him , had made the country to incur N87 trillion debt .
“The new CBN Governor must have the courage to stop the indiscriminate use of ways and means,” he said
However, in his own contribution , Senator Adams Oshiomhole ( APC Edo North) , said the CBN governor and his deputies , must make complete thinking out of the box to current disturbing narratives .
He kicked against the policy of making market forces to stabilise the Naira , saying “market forces can never stabilise the Naira without intervention of the state from time to time .”
He added that if we allow Nigeria to import everything , Naira will continue to fall .
The nominee in his response, however assured the lawmakers that he and his team , would stem the tide of failing economy and weak naira .
He said: “In addressing the challenges at hand , we shall embrace culture of compliance to our rules and policies and run transparent system.
“The big issue is the issue of money supply and the way that money has gone up tremendously in Nigeria. That on its own has major effect on Inflation.
“50% of inflation is as a result of money supply and deficit finance this is the big problem and it has been for a long time and we have to face it frontally that going forward from the central Bank of Nigeria we will do everything possible to ensure that we work closely with the fiscal side and ensure that the issue of deficit financing does not become a problem to us.”
The post Senate Accuses Former CBN Governor Of Election Sabotage With New Naira Notes appeared first on TheNigeriaLawyer.

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