• About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Saturday, July 5, 2025
No Result
View All Result
NewsNet Nigeria
  • Home
  • News
    • Local News
    • National
  • Politics
  • Economy
    • Oil and Gas
  • Crime
  • Education
  • Health
  • Entertainment
    • Lifestyle
  • Sports
  • MORE
    • Interview
    • Editorial
    • Opinion
    • Columns
    • Science & Tech
    • Videos
NewsNet Nigeria
No Result
View All Result
Home Opinion

Nipping In The Bud The Nefarious Emefiele’s Agenda, By Tokunbo Adaja

by NewsNet Nigeria
2 years ago
in Opinion
Nipping In The Bud The Nefarious Emefiele’s Agenda, By Tokunbo Adaja

Suspended CBN Governor, Godwin Emefiele

Share on FacebookShare on TwitterShare on LinkedinShare on Whatsapp

I think Nigerians should by now be wise enough, especially patriotic Nigerians and leaders, to know that the future of Nigeria depends on our collective desire to make necessary sacrifices and contributions for our collective survival.

The prevailing scarcity of the redesigned naira notes does not mean that we should allow the Central Bank of Nigeria (CBN) to adopt unorthodox method in filling the gap. The explanation of the Governor of Central Bank of Nigeria, Mr. Godwin Emefiele, during the meeting of the Council of State in Abuja that the Nigerian Security Printing and Minting Plc (NSPM) lacks the capacity to print the required quantity of currency for the nation should be considered as a ploy for Mr. Emefiele to ‘sell’ the country to foreigners or agencies. It must be recalled that the CBN, as originally reported, instructed the NSPM to print 500 billion naira which was delivered as agreed upon without any issue. Mr. Emefiele never accused the establishment of incompetence or ‘lack of capacity’ when the redesigned naira notes were presented to and launched by President Muhammadu Buhari in December 2022.

Also, when this crisis started, Mr. Emefiele assured Nigerians that enough notes had been produced and distributed to all the banks in Nigeria, including agents that will attend to the needs of people living in rural communities. Mr. Emefiele further claimed that the scarcity was caused by hoarding as well as sharp practices engaged in by bank executives, and promised that, CBN would trail and bring to book all the saboteurs. Also, CBN showed to Nigerians, video clips where the new notes were kept or hidden behind old notes in some commercial banks.

It is, however, nonsensical and contrary to logic for Mr, Emefiele to turn round and present to the Council of State on Friday 10th, February 2023 that the NSPM Plc ‘lacks the capacity’ to produce the required quantity of the redesigned notes. Thus, suggesting that CBN may need to print the notes outside Nigeria. This, to me, is a dangerous development.

Nigerians will recall that the subsidy phenomenon that has become unresolvable started, like this, in the 1990s when the NNPC was accused of inability to refine enough petroleum products for the nation’s daily consumption. And, approval was granted for the importation of refined petroleum products to bridge the gap between production and consumption. Today, that supposedly patriotic action has become a monster and a nightmare to both the high and the low in Nigeria.

Any attempt to go the way of printing our currency outside Nigeria means that we have collectively agreed to mortgage and ruin the economy. If fuel tankers, crude oil, etc could disappear, without any trace, in Nigeria and no agency or official could be held accountable; what will then happen to ‘imported’ naira notes?

Nigerians should not because of the subsisting hardship fall into the gimmicks of some selfish and unpatriotic Nigerians that are interested in ‘pocketing’ the nation as well as enriching themselves. Mr. Emefiele’s CBN should be stopped from contracting the printing of the redesigned naira notes to foreign agencies or individuals. The NSPM Plc should be encouraged to live up to the expectations of Nigerians by printing the required quantity of the redesigned notes while Nigerians should exercise patience for things to normalize. The current experience, to me, was premeditated by some cabals to achieve their economic and political interests. If not, how on earth can CBN mopped up 2.1 trillion naira from circulation and replaced it with 500 billion naira only?

• Adaja is a Professor of Mass Communication at Joseph Ayo Babalola University

Previous Post

APC insensitive, careless about Nigerians, says Delta PDP campaign DG Funkekeme

Next Post

Shoprite, Rainoil, Otres, others stop collection of old naira notes in Delta

MORE NEWS

Justice Restored: Why Senator Natasha’s Recall Strengthens Our Republic, By Dr. Michael Tidi Esq.
Opinion

Justice Restored: Why Senator Natasha’s Recall Strengthens Our Republic, By Dr. Michael Tidi Esq.

July 4, 2025
Ned Nwoko: The Senator Representing Delta?
Opinion

Ned Nwoko: The Senator Representing Delta?

July 4, 2025
DELTA CENTRAL 2027: What Urhobo Nation Needs Is a Smart and Working Senator, Not an Okpe-Slot Filler, By Evans Onovughe
Opinion

DELTA CENTRAL 2027: What Urhobo Nation Needs Is a Smart and Working Senator, Not an Okpe-Slot Filler, By Evans Onovughe

July 4, 2025
Senator Ned Nwoko: A pragmatic thinker and strategic mobilizer
Opinion

Senator Ned Nwoko’s Blueprint for a United, Progressive Nigeria

June 23, 2025
Next Post
Shoprite, Rainoil, Otres, others stop collection of old naira notes in Delta

Shoprite, Rainoil, Otres, others stop collection of old naira notes in Delta

Leave Comment

RECENT STORIES

6th Edition of BAF Schools Debate Kicks Off with 16 Delta Schools Competing

6th Edition of BAF Schools Debate Kicks Off with 16 Delta Schools Competing

July 5, 2025
Delta North Monarchs Justify Renewed Push for Anioma State at Senate Public Hearing

Delta North Monarchs Justify Renewed Push for Anioma State at Senate Public Hearing

July 5, 2025
Justice Restored: Why Senator Natasha’s Recall Strengthens Our Republic, By Dr. Michael Tidi Esq.

Justice Restored: Why Senator Natasha’s Recall Strengthens Our Republic, By Dr. Michael Tidi Esq.

July 4, 2025
Stakeholders Demand Anioma State at Historic Public Hearing in Ikot Ekpene

Stakeholders Demand Anioma State at Historic Public Hearing in Ikot Ekpene

July 4, 2025
Legendary Nigeria Goalkeeper, Peter Rufai, Passes Away at 61

Legendary Nigeria Goalkeeper, Peter Rufai, Passes Away at 61

July 4, 2025

TRENDING STORIES

  • Tidi Rallies PDP Loyalists, Urges Grassroots Reawakening Amid Defections

    Tidi Rallies PDP Loyalists, Urges Grassroots Reawakening Amid Defections

    0 shares
    Share 0 Tweet 0
  • Ughelli North Council Chairman Suspends Uwheru PG Over Heightened Security Tensions

    0 shares
    Share 0 Tweet 0
  • Delta Speaker calls for stakeholders’ commitment to advancing Nigeria as 10th Benue Assembly holds 2nd Anniversary Thanksgiving Service

    0 shares
    Share 0 Tweet 0
  • Waive pays homage to Udu monarch, pledges total allegiance

    0 shares
    Share 0 Tweet 0
  • Mark, Atiku, Tambuwal, Ikimi, Other PDP Stakeholders Convene to Forge Broad-Based Coalition Aimed at Unseating APC

    0 shares
    Share 0 Tweet 0
  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy

NEWSNET NIGERIA Published By: Morex Consult Limited - Since 2020.

No Result
View All Result
  • Home
  • News
    • Local News
    • National
  • Politics
  • Economy
    • Oil and Gas
  • Crime
  • Education
  • Health
  • Entertainment
    • Lifestyle
  • Sports
  • MORE
    • Interview
    • Editorial
    • Opinion
    • Columns
    • Science & Tech
    • Videos

NEWSNET NIGERIA Published By: Morex Consult Limited - Since 2020.