Ibadan-born businessman, public affairs analyst and publisher of Ireland-based journal, The Street Journal magazine, Mogaji Wole Arisekola has commended the Supreme Court’s decision to temporarily halt the move by the Federal Government to ban the use of the old naira notes from February 10, 2023.
The celebrity infopreneur in a press release personally signed by him on Wednesday expressed his displeasure over Central Bank of Nigeria’s monetary policy, noting that it is imposing hardship on Nigerians.
He explained further that the ten-day extension by the Federal Government is insufficient to address the challenges of Nigerians swapping their old Naira notes for new ones.
Arisekola in the official statement also extended his profound appreciation to IMF for advising the CBN to relax its widely criticized policy, urging the apex bank to consider the harrowing effects its decision is having on the low income earners.
It would be recalled that a seven-member panel led by Justice John Okoro, stopped the move of the federal government in a ruling in an exparte application brought by three northern states of Kaduna, Kogi and Zamfara and the case has been accordingly adjourned to Wednesday, February 15, 2023.
“I see this development as victory for our fragile democracy and also victory for light over darkness and evil. Of course our judiciary must also be commended for showing patriotism and standing by the downtrodden Nigerians who are faced with harrowing effects of this naira scarcity since its mindless introduction.
“Unfortunately this ugly incident has attracted violent protests across the country with some financial institutions shutting down their facilities to avoid mob attacks which could possibly lead to lynching and arson.
“I must also express my gratitude to IMF for lending its voice to this ill-timed CBN policy; Ari Aisen, IMF’s resident representative for Nigeria is a hero at a time like this, he has genuinely shown that he is sensitive to the plight of ordinary Nigerians.
“This is an opportunity for President Muhammadu Buhari to prevail on CBN Governor, Godwin Emefiele to retrace his steps in the interest of ordinary Nigerians who are already impoverished. Without sounding immodest the current situation has depleted the goodwill ordinary Nigerians had for Buhari, same people who gave him their votes for two consecutive times.
“Mr President, a stitch in time saves nine. The is the time for you to swiftly engage all critical stakeholders and use your good offices to workout modalities in saving the country from socio-economic hardships and unprecedented civil unrest. Moreover the wise decision you take now will equally help to bequeath on Nigerians an election that can be adjudged free and fair, peaceful, credible and transparent.”
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