Governor Aminu Tambuwal<\/a> of Sokoto State.<\/p>\nRead the full communique below:<\/strong><\/p>\nISSUED AT THE END OF THE 3RD MEETING OF THE NIGERIA GOVERNORS\u2019 FORUM (NGF) HELD ON SATURDAY, 11TH FEBRUARY 2023<\/p>\n
We, members of the Nigeria Governors\u2019 Forum (NGF), at our meeting today discussed critically
\nissues of national interest and resolved as follows:<\/p>\n
1. First, we express our sympathies and support for Nigerians who are experiencing great
\ndifficulties under the current CBN Naira re-design and cash withdrawal restrictions policy.
\nWe feel your pain and we are determined to employ all legitimate channels to ease the
\nsituation.<\/p>\n
2. It has become necessary to make a distinction between the Central Bank of Nigeria (CBN) Naira redesign policy backed by Section 20 (3) of the CBN Act, 2007, and the aspirational
\nthe policy of going cashless, both of which are mutually exclusive at this time.<\/p>\n
3. It is our considered view that what the CBN is at present pursuing is a currency confiscation
\nprogramme, not the currency exchange policy envisaged under S20(3) of the CBN Act,
\n2007. Currency confiscation in the sense that the liquidity provided to the general public is
\ngrossly insufficient due to the restrictions placed on the amount that can be withdrawn
\nregardless of the amount deposited.<\/p>\n
4. The current approach of the CBN raises concerns about the respect for the civil liberties
\nand rights of Nigerians as it relates to their freedom to use legitimately earned income as
\nthey so wish.<\/p>\n
5. The Forum believes that to deploy a cashless policy and deepen digital transactions, the
\nbest practice around the world is to create a suite of incentives to attract customers; rather
\nthan a draconian approach as we have witnessed in the last three months.<\/p>\n
6. The argument by the CBN for what it describes as the astronomical increase in the currency in circulation as the basis for this policy is not supported by its own data. According to the CBN, the currency in circulation increased from N1.4 trillion in 2015 to N3.23 trillion in October 2022. The Bank appears not to have taken into consideration the increase in the size of the country\u2019s nominal GDP over this period, the doubling of consumer prices, rising population, and the impact of the humongous Ways & Means advances to the federal government by the Central Bank of Nigeria over this period.<\/p>\n
7. In the circumstances, it is safe to draw either of two conclusions \u2013 the CBN data may be
\nincomplete or in fact, Nigerians may have done exceptionally well in the transition to a
\ncashless economy.<\/p>\n
8. In addition, considering the sizeable informal sector in the nation, the amount of banknotes
\ncreated in exchange so far by the CBN implies it vastly underestimated the economy\u2019s actual cash needs. The inability to use the new notes has had far-reaching economic effects, leading to the emergence of the Naira black market, severe food inflation, variable commodities prices based on the method of exchange,and long queues as well as crowds around Automated Teller Machines (ATMs) and banking halls across the country with
\nindividuals hoping to get a fraction of their money in new notes to meet their daily
\nlivelihood. The country runs the risk of a CBN-induced recession.<\/p>\n
9. While we acknowledge the submission of the Attorney General of the Federation that the
\nFederal Government will comply with the ruling of the Supreme Court which calls for the
\nhalting of CBN\u2019s plan to end the use of the old currency notes, we are yet to observe
\nchanges in the financial system.<\/p>\n
10. Consequently, we call on the Federal Government and the CBN to respect the Rule of Law and listen to the voice of reason expressed by Nigerians and several other stakeholders
\nincluding the Council of State, before the damage to our economy becomes too great to fix by the next administration.<\/p>\n
11. Members rose from the meeting agreeing to direct their Attorneys General to review the
\nthe suit at the Supreme Court with a view to consolidating the legal reliefs pursued by States.<\/p>\n
<\/p>\n
Rt. Hon. Aminu Waziri Tambuwal
\nChairman, Nigeria Governors\u2019 Forum
\n11th February 2023<\/p>\n","protected":false},"excerpt":{"rendered":"
The Nigerian Governors Forum (NGF) met for an important meeting to discuss issues affecting Nigeria. WITHIN NIGERIA reports that the meeting’s details were released in a communique signed by the forum’s Chairman, Governor Aminu Tambuwal of Sokoto State. Read the full communique below: ISSUED AT THE END OF THE 3RD MEETING OF THE NIGERIA GOVERNORS\u2019 […]<\/p>\n","protected":false},"author":44,"featured_media":9612,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"custom","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"single-left","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"floatbottom","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[2],"tags":[531,57182,12869,21936,1143],"class_list":["post-248504","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-2023-elections","tag-aminu-waziri-tambuwal","tag-ngf","tag-nigerian-governors-forum","tag-sokoto-state"],"yoast_head":"\n
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