CBN Claims Of N3.2trn New Currencies In Circulation Pure Lies  – Folarin


*Laments fuel, new Naira notes scarcity 

By; BAYO AKAMO, Ibadan

The 2023 governorship candidate of the All Progressives Congress (APC) in Oyo State and Chairman Senate Committee on Local Content, Senator Teslim Folarin on Friday, condemned the scarcity of new Naira notes in the country.

Senator Folarin in a statement in Ibadan, faulted the claims by the Central Bank of Nigeria, (CBN) that N3.2trn new currencies are in circulation, describing it as  “a pure lie.”

The APC governorship candidate decried the untold hardships on Nigerians, occasioned by scarcity of petroleum products and currency notes, saying,  the masses have been pushed to the walls, hence the protests across the country.

Senator Folarin in the statement by  his media aide, Com. Yekeen Olaniyi noted, ” scarcity of Naira notes and petroleum products have paralysed economic activities and other social lives in Oyo State and other states of the federation.

“It’s saddening and unacceptable to see our people sleeping at filling stations and Automated Teller Machines (ATM) galleries. It is callous to render our people in further hardship, especially the ones struggling to survive. Considering the COVID-19 pandemic, which cripples the global economy and affects every home”, he said.

Senator Folarin added, ” the CBN’s claim that N3.2trn new currencies are in circulation is a pure lie as almost all ATMs across the country dispensed old Naira notes from December 2022 till end of January 2023. This was an  indication that the CBN was not ready for what it intended to do”.

“The glaring reality is that the Central Bank Governor, Mr. Godwin Emefiele is insincere about the availability of the new notes. It’s now visible to the blind and audible to the deaf that CBN Governor is acting the script of the cabals who are vehemently against removal of subsidy”.

Senator Folarin maintained, “having failed in his bid to succeed President Muhammadu Buhari, Mr. Emefiele moved to change the currencies without carrying along the National Assembly, state Governors, Ministers and other critical stakeholders. He conspired with cabals to cause economic crisis and truncate our hard earned democracy”.

“It’s not an APC policy to change currencies but Mr. Emefiele is being used by economic saboteurs to turn the country upside-down. However, President Muhammadu Buhari has uncovered the evil plot; hence the Friday meeting with all the Executive Governors. Mr. President is a father and listening leader, he will holistically address the worrying situation”.

“On a final note, I urge Mr. Emefiele to act in line with CBN Act, which allows acceptance of old notes even after a deadline. Section 20 (3) CBN Act mandates the CBN to redeem the face value of the recalled currency upon demand, even after the expiration of the notice of recall. The demand to extend the withdrawal date of old currency notes from Jan. 31, 2023 to June 31, is not a favour but a constitutional matter. Therefore, the CBN must act in accordance with the relevant sections of the Nigerian Constitution”.


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