…By Dorcas Funmi for TDPel Media. The recent suspension of Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), and the controversy surrounding the naira redesign policy have raised significant concerns.
Isa Yuguda’s Perspective:
Isa Yuguda believes that both Godwin Emefiele and Zainab Ahmed should be held accountable for the naira redesign policy.
He argues that even though there is an Act guiding the operations of the CBN, the former Finance Minister cannot claim ignorance about the activities of the apex bank under Emefiele.
During an interview on Channels Television’s Sunrise Daily, Yuguda expressed his views on the suspension of Emefiele and his subsequent arrest by the Department of State Services (DSS).
He suggested that Ahmed should have advised the former President, Muhammadu Buhari, to address the country’s worrisome debt profile by reducing foreign borrowings.
Zainab Ahmed’s Criticism:
Zainab Ahmed, in her capacity as the former Minister of Finance, Budget, and National Planning, condemned the naira redesign policy.
During a budget defense session with the Senate Committee on Finance, she revealed that the Ministry was not consulted before the CBN made the decision.
Ahmed emphasized that such significant policy decisions require rigorous economic planning and consultation with relevant stakeholders.
She highlighted that while the CBN justified the move as a means to manage inflation by mopping up liquidity, it would have both benefits and consequences for the economy.
Ahmed called for a closer examination of the potential consequences and mitigation strategies, urging a discussion with the monetary authority.
Conclusion:
The naira redesign policy implemented by the CBN has stirred controversy, prompting scrutiny of the roles played by Godwin Emefiele and Zainab Ahmed.
Isa Yuguda asserts that both individuals should be held accountable for the policy, emphasizing that the former Finance Minister cannot claim ignorance.
In contrast, Zainab Ahmed criticized the lack of consultation by the CBN, highlighting the need for careful economic planning and thorough consideration of the potential consequences.
The differing perspectives shed light on the complexities surrounding the naira redesign and call for a comprehensive evaluation of its implications.