Emefiele Asked To Resign

,,,,,,,The Peoples Redemption Party (PRP) has demanded that the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, resign for causing Nigerians to suffer.

This was part of a statement issued by the party’s National Executive Committee (NEC) in Abuja on Friday, which also called on President Muhammadu Buhari to fire Emefiele if he did not resign honorably.

,,,,,,,The Falalu Bello-led party bemoaned the hardship already inflicted on the masses, dubbed Talakawa in Hausa, by the CBN’s new monetary policy centered on the exchange of old and new naira notes and the mainstreaming of the cashless system.

According to the statement, the PRP has also threatened to sue the CBN and commercial banks for denying it access to its funds as a registered political party due to an order issued by the apex bank that limited over-the-counter cash withdrawals to N20,000.

It stated that it would seek punitive damages from the CBN for enforcing an illegal order and acting outside of its guiding rules.

,,,,,,“The CBN Governor, going by the Central Bank of Nigeria (CBN) Act of 2007, has the power on his own or at the instance of the President of the Republic, to change Nigeria currency, but the law expects both the CBN Governor and the President to exercise their powers in the interest of the Nigerian population and their convenience.

“An exercise that withdraws over N2trillion and print only N300 billion with the result that people don’t have access to their legitimate credit balances and have not been given new currencies in place of the old ones they deposited, is most certainly wrong, inhuman and could be said to be illegal as it does not pass the reasonable standard test put in the Act.

“We therefore here ask President Muhammadu Buhari GCFR to immediately instruct the CBN Governor to return to Nigerians the old currencies he has caused them to deposit with Nigerian banks and allow those old currencies remain legal tender until the CBN prints enough currencies to replace new ones.

,,,,,,,“This minimal, Nigerians expect of Mr. President to ameliorate the hardship that ordinary Nigerians have been put into by the currency exchange of CBN Governor Emefele.

“For the failure of this policy, which made and still making Nigerians suffer, we ask that the CBN Governor honorably resign failing which the President should fire him.

“As a registered Political Party in Nigeria and a juristic person, the PRP has been denied access to its credit balances in banks on supposed order of the CBN that has disallowed withdrawal beyond N20,000.00 across the counter.

,,,,,,,,“This order we must say is an illegal one and we are testing the powers of both the Banks and the CBN from denying us access to our credit in Court and will ask for punitive damages to prevent the CBN from behaving outside the laws of the land in future,” the statement reads.