By Disobeying Court Order, Buhari, CBN is Unleashing Anarchy on Nigeria, by Haruna Mohammed Salisu
The land is angry. Tensions are high. The system is collapsing—and those bestowed with the responsibility to ensure Nigeria works are breeding—deliberately new form of terrorism, worse than Boko Haram and the Zamfara bandits. President Buhari and Godwin Emifiele are already carrying the blood of innocent Nigerians in their hands. They continue to do so—and pathetically, they seem not to care even if the country drifts into anarchy by their ill-conceived and poor implementation of the currency redesign policy.
The Central Bank of Nigeria (CBN) is the apex financial institution in Nigeria, tasked with regulating the country’s monetary policy and ensuring financial stability. As a government institution, the CBN is expected to operate within the bounds of the law and follow court orders when issued.
The CBN, backed by Buhari who has a history of impoverishing innocent Nigerians as he did in 1984 has flagrantly failed to obey the supreme court order. They have deliberately left Nigerians in a total quagmire, a state of confusion—the result will unequivocally unleash grave consequences on Nigeria’s peaceful coexistence.
The policy of the CBN to redesign the currency is within its routine ritual—backed by relevant laws of the land. But insisting that old currencies must be returned within a few days when there is no commensurate supporting infrastructure to do so shows the desperation of Buhari and the CBN to further impoverish Nigerians.
They have already done so through their toxic, ill-conceived and poorly implemented policies. As if that is not enough, just a few months before his handing over, Buhari is suddenly reminded by Mr Emeifiele that he can bring back his money redesign policy of 1984, which subjected the masses to hardship, so that he can finally succeed in bequeathing Nigerians poorer. Buhari, not tired by the already hardship he inflicted for nearly 8 years now, suddenly embraced the ill-informed advice.
This policy has unleashed hardship on Nigerians in many ways. First, there has been a scarcity of new currency notes, which has made it difficult for Nigerians to obtain them. This has led to long queues at banks and other financial institutions, as people struggle to exchange their old notes for new ones.
The scarcity of new currency notes has also led to a shortage of cash in circulation. Many businesses and individuals have been forced to conduct transactions using electronic means, as there is not enough cash available to complete transactions. This has been particularly challenging for people in rural areas, where access to electronic payment systems and the necessary knowledge and awareness is limited. There are so many LGAs in Nigeria without commercial banks. People travel several kilometres and spend days in queues to deposit old notes. This has crippled their already fragile economic means of sustenance and subjected them to so many hardships and frustrations. The anger is glaring in their faces and the curses on Buhari and Emefile continue.
The shortage of cash and the difficulty in obtaining new currency notes has led to an increase in the cost of living in Nigeria. Prices of goods and services have risen, as many businesses have been forced to increase their prices to cover the cost of the redesign policy. Many businesses have completely shut down—another fertile ground to breed anger, recruit terrorists and unleash anarchy—thanks to Mr Buhari and Emefiele.
The redesign policy has also led to a loss of income for many Nigerians. Some people, particularly those in the informal sector, rely on cash transactions to earn a living. The shortage of cash has made it difficult for them to conduct business, leading to a loss of income.
The economic slowdown of the policy is glaring. The shortage of cash and the increase in the cost of living has made it difficult for businesses to operate, leading to a reduction in economic activity. This has had a ripple effect on the Nigerian economy, leading to a decline in economic growth, another ground to breed more anger, frustration and economic chaos in Nigeria. The ensuing terrorism and anarchy are highly likely—Buhari and Emefiele are the recruiters-in-chief.
The Long queues at banks and other financial institutions, difficulties in obtaining new currency notes, and the shortage of cash have made it challenging for people to carry out their day-to-day activities. Many innocent have died in frustration, some committing suicide and masses held to a stand-still by just two individuals who are hell-bent to cripple the country.
This poorly implemented policy has heightened vulnerability to fraud. With the scarcity of new currency notes, some people have resorted to purchasing them on the black market. This has exposed them to the risk of purchasing counterfeit notes, which could lead to financial losses. Thanks to destitutes of ideas—Buhari and Emefiele who thought the only way to stop vote buying is to punish Nigerians this way
The policy’s impact on small businesses has been particularly hard-hitting. Many small businesses rely on cash transactions to operate. This has led to a decline in the number of small businesses in Nigeria, which has had a negative impact on the country’s economy. The increased stress and anxiety unleashed on Nigerians who join long queues amid a shortage of cash, and the increase in the cost of living has placed a significant burden on many Nigerians—leading to stress and anxiety.
More importantly, by disobeying the apex court order, Buhari and Emefiele have set a precedence for Nigerians and this has further eroded the public trust in the CBN and the system in general. It is essential for the CBN to maintain its credibility, especially when it comes to managing the country’s currency. Disobeying a court order could damage the reputation of the institution and erode public trust in its ability to manage the Nigerian economy. This is also fertile ground to recruit terrorists and unleash anarchy in the land.
Buhari and the CBN governor may go well in history as the most toxic public servants in recent history. Desperate to unleash hardship in the land by ensuring that Nigeria’s economic and political stability is jeopardized. This policy is far away from curbing vote-buying—it’s just intended to make innocent Nigerians poorer and provoke chaos and anarchy in the land. The duos are responsible at the end of the day!
Haruna Mohammed Salisu