Naira Scarcity: Afenifere Wants Buhari To Intervene

Afenifere, a Pan-Yoruba socio-political group, has expressed concern about the scarcity of naira notes in circulation across Nigeria as a result of the Federal Government’s cash swap policy, calling on President Muhammadu Buhari to make good on his declaration last week regarding the Supreme Court’s decision on the matter.

In this decision, the Supreme Court stated that the circulation of the old and new naira notes should continue until December 31, 2023.

In a statement signed by its National Publicity Secretary, Comrade Jare Ajayi, Afenifere made the call on Monday, stating that reports from various parts of the country indicated that people were still finding it difficult to obtain cash from banks and related locations such as Deposit Monetary Banks.

Afenifere, while making the call, recalled that President Buhari, had in a statement issued on his behalf by his spokesman, Garba Shehu, declared that he did not stop either the CBN Governor, Emefiele or the Attorney-General of the Federation, Abubakar Malam, from complying with the order of the apex court.

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According to the socio-political group, the situation, contrary to expectations, is making life very difficult for the people, saying that it was also forcing many businesses to go under, especially small and medium-scale businesses.

“This is making life very difficult for our people just as the situation is forcing many businesses to go under, especially small and medium scale businesses,” it said.
Afenifere asserted that if this trend continues, the country and the citizens “are in for serious economic and social upheavals,” citing the warning last Thursday by Abuja Chamber of Commerce and Industry (ACCI) which lamented the high rate of inflation that was complicating “business climate and deepened challenges facing small scale businesses.”

Speaking further, Afenifere equally expressed worries over the latest report by the National Bureau of Statistics (NBS), which disclosed that the inflation rate in the country was 21.91 in February – an increase of 0.09 percent from the 21.82 that it was in January 2023.
According to the socio-political group, “this disclosure by ACCI along with that of bankers which warned of the possible collapse of banks as a result of cash crunch, is in sharp contrast with the affirmation by President Buhari that his administration has done a lot to ensure the growth of small and medium scale businesses.”

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The group noted that right-thinking Nigerians never ceased to be amazed by disclosures from the presidency which seemed to fly against the reality of what was happening in the country.

“At the moment, everybody knows that not only are businesses under serious strain, but Nigerians are also finding it difficult to maintain what they have.
“Besides that, millions of people are finding it difficult to stay afloat as their means of livelihood are experiencing a lot of setbacks. It is, therefore, surprising to hear voices from the seat of power asserting that businesses are growing,” Afenifere said.

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