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DSS, EFCC should probe CBN over naira scarcity – HURIWA tells FG
Human Rights Writers Association of Nigeria (HURIWA) has called on Federal Government to investigate the Central Bank of Nigeria over prolonged artificial scarcity of naira notes.
The group urged President Bola Ahmed Tinubu to order the Department of State Services (DSS) and Economic and Financial Crimes Commission (EFCC) to probe suspected economic sabotage, which has adversely affected businesses all around the country.
HURIWA said that since the scarcity of the national currency resurfaced around the last quarter of last year, the CBN has failed to address it, even when it is statutorily responsible for the smooth circulation of the notes.
According to the group, CBN has failed by virtue of her legal functions to issue legal tender currency in Nigeria; maintain external reserves to safeguard international value of the legal tender; promote a sound financial system in Nigeria, and act as banker and provide economic and financial advice to the Federal Government.
HURIWA, in a statement by the National Coordinator, Emmanuel Onwubiko, 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 by manipulating the circulation of insufficient volumes of the naira in the country, thereby frustrating the economic activities of a broad spectrum of Nigerians.
The rights group noted the fact that since the CBN had since identified the sources of the scarcity as contained in its press statement, it is shocking that over a month after the statement, the CBN lacks the political will to crush those it identified as conspirators in the scarcity of the Naira.
HURIWA said: “The overwhelming opinions of those who should know, are that the solution of cash scarcity can’t happen without the Central Bank of Nigeria implementing far-reaching measures in line with her mandate to boost the volumes of cash in circulation in Nigeria and resolve the lingering scarcity of Naira in the country,” the group said.
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