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Naira free-fall: Resign now, DPC tells CBN gov, Emefiele [Tribune]

Following the free fall of naira against the dollars, the Democratic Peoples Congress (DPC) has demanded immediate resignation of Central Bank governor, Godwin Emefiele, over what it called his awkward monetary policies, saying this had contributed to the dollar now exchanging for N375.


The party said this in a statement made available to the Tribune Online on Thursday by its national chairman, Rev. Olusegun Peters, noting that the CBN governor under Emefiele’s watch was confused and overwhelmed by the country’s economic downturn.


The DPC said it was alarmed by the cash crunch, inflation, unemployment, poverty and crime in the country as a result of what it tagged "the flawed and clueless fiscal policies" of the CBN in particular and the nation’s economic managers in general.

"Today, the naira does not worth the paper it is printed. Nigerians are suffering and groaning under heavy financial burden as their purchasing power is daily eroded by the free fall of the naira. On 1st January 1990, the Ibrahim Babangida regime increased minimum wage to N250.00, today, it is N18,000.00 with less purchasing power and value compared with 1990 salary.

"This is the first time since January 1973 that the General Yakubu Gowon government adopted naira as the nation’s currency from the previous pounds in use, that naira has fallen very low to the shock of all right thinking Nigerians. It is also the first time the CBN lacked direction in formulating and implementing viable monetary/fiscal policies that will revamp the economy," the party contended.


According to the DPC, Emefiele’s trial and error policies in recent times are classical example of voodoo economics, if not economic terrorism, declaring, "We demand his immediate resignation and re-organization of the apex bank for effective policy formation and implementation that will stimulate the national economy and steer it on the path of growth, development, advancement and prosperity."


The DPC said the present crop of top CBN officers were suffering from leadership fatigue and ignorant of effective strategies to revamp the economy and restore the value and dignity of the nation’s currency, naira.


"It is time for all patriotic Nigerians to stand up and be counted in the efforts to overhaul the economy and save the naira from further depreciation.


"It is time for the Federal Government to formulate financial/monetary policies that will strengthen the naira, yield foreign currencies, promote export and accelerate small and medium scale enterprises," it said.


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