Huriwa: DSS, EFCC Should Investigate CBN on Naira Scarcity

Huriwa: DSS, EFCC Should Investigate CBN on Naira Scarcity

Chuks Okocha in Abuja

Human Rights Writers Association of Nigeria (HURIWA) has urged President Bola Ahmed Tinubu to order a joint covert operations between the Department of State Services (DSS) and the Economic and Financial Crimes Commission (EFCC) to investigate the Central Bank of Nigeria over suspected economic sabotage leading to the prolonged artificial scarcity of the Naira notes which has adversely affected businesses all around the country.

HURIWA in a statement by it’s national coordinator, Emmanuel Onwubiko, said since the scarcity of the National currency of Nigeria resurfaced around the last quarter of last year, the CBN has failed to resolve this absurdity even when it  was statutorily responsible for the smooth circulation of the naira notes by virtue of her legal functions to issue legal tender currency in Nigeria.

This, he said, included to maintain external reserves to safeguard the international value of the legal tender currency; promote a sound financial system in Nigeria; and act as banker and provide economic and financial advice to the federal government.

HURIWA recalled that as cash scarcity occasioned by the redesign of three naira notes continued to bite Nigerians about a year after the implementation of the policy, the CBN had in December  last year warned against collusion between Deposit Money Banks (DMBs) and Point-Of- Sale (PoS) operators

The apex bank had in a statement by its spokesperson, Sidi Ali Hakama, said such collusion was affecting the availability of cash and the seamless circulation of the naira in the country.

HURIWA said the CBN claimed it was investigating reported cases of collusion between banks and PoS operators “capable of undermining the smooth running of the economy.

“The CBN frowns at such inappropriate actions by certain individuals and is investigating the reported cases capable of undermining the smooth running of the economy.

“The CBN has, therefore, warned banks and PoS operators to desist from such activities as relevant sanctions shall be meted out to those found wanting.”

The civil rights group said the apex bank encouraged members of the public to use alternative payment channels as well as report any case of unauthorised activities, such as capping and hoarding, by banks or PoS agents to the CBN branch in their location across the states

Onwubiko, however, regretted that the CBN had become a toothless bulldog and allowed forces known to the hierarchy of the CBN to continue to sabotage the national economy of the country by manipulating the circulation of insufficient volumes of the naira in the country and thereby frustrating the economic activities of a broad spectrum of Nigerians.

Related Articles