Naira scarcity: Banks collude with CBN officials to defraud Nigerians-Sergius Oguns

The Speaker of the House of Representatives, Femi Gbajabiamila, has said the federal parliament will have no option but to reconvene before the presidential and National Assembly elections on February 25 if the Central Bank of Nigeria fails to address the hardships Nigerians are facing over the currency swap policy.

Gbajabiamila noted that the House would continue to closely monitor the CBN’s implementation of the policy, following the Green Chamber’s meeting with Governor of the CBN, Godwin Emefiele, on the issue.

Emefiele had finally appeared before the House on Tuesday last week over the crisis caused by the redesign of some naira notes and the exchange of old naira notes with new ones by the populace.

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Emefiele had partly said, “Subject to the content of the CBN Act, Section 20(3), which says even after the old currency has lost its legal tender status; that we are mandated to collect those monies, I stand with the House of Representatives on this. What does that mean? It could have lost its legal tender status, in which case we have moved on, but you have your money that you have not been able to send into the bank.

Speaking on the midweek edition of ThisMorning with Yori Folarin, Member, House of Representatives representing Esan Northeast and Southeast federal constituency, Honourable Sergius Oguns said there is no notification of recovening the House.

He noted that the House is not resting on its oars as it is feeling the pulse of Nigerians as regards the current naira scarcity.

He stated that the CBN governor had at last week re-appeared before the House last week.

According to Mr Oguns, the law is very clear, section 20 subsection 3 of the CBN Act clearly states that both currency designs can run especially for the old notes, they can still be accepted by deposit banks after the expiry date.

The CBN has also said he is in agreement with the law, with the national assembly and the house of Reps. but Nigerians are apprehensive.

He spoke further saying the redesign of the new naira and swap should ordinarily not be a problem even as elections are around the corner.

According to him, people are beginning to embrace FinTech but a lot needed to be done in terms of creating massive awareness especially for people in the rural areas.

He added “In fairness to the CBN, the issue of cashless policy was on before the Emefiele came on board but he did not continue with it.

“In trying to enforce the cashless policy, in addition to the redesign naira and a few days to the election that is why Nigerians are apprehensive of what is next, ordinarly, it is laudable policy, but if this policy had been in effect a year ago, we would be at a better place.

“We have no reason borrowing huge sums of money from other countries”.

Speaking on why the country is currently experiencing a breakdown, banks hoarding new naira notes, and banks not being sanctioned, Honourable Oguns said it is Nigerian problem, as we cannot have a constitutional democracy without the rule of law.

“The banks are doing this deliberatly in cohoot with the CBN, not just politicians.

Honourable Oguns noted that prior to when Mr Emefiele appeared before the house of Reps, he had said, only the ATMs is where monies can be disbursed, thereafter he said N20,000 can be disbursed across the counter.

He noted that the CBN did not follow the rule of law.

“The CBN should have been going round banks nationwide to monitor ATMs if they were sure they were giving banks monies to ensure that cash was loaded into the ATMs for Nigerians to have access to and any bank that falls short of this, should be arrested and sent to court the next day.

“If a bank manager is thrown into a black maria, every other bank manager will seat up, I believe no bank manager will want to experience such a humiliation.”

“There are CBN offices in all states of the federation, they should tell Nigeriaans how much banks are being given daily to dispense.”

“I think the CBN officials and commercial banks officlas are all working together to scam Nigerians and that is why the hardship is there” he added.

He added that the President should also step up in its sanctions of people caught in the act of sabotage.