From Fred Ezeh, Abuja 

State Governors under the umbrella of the Nigeria Governors’ Forum (NGF) have registered their discontent with the new Naira policy, describing it as “confiscation” of people’s money.

In an interview with BBC Hausa service, the spokesman of NGF, Abdulrazak Barkindo, said the decision of the Central Bank of Nigeria (CBN) could cause economic recession.

What’s NGF’s policy on the new Naira policy?

Nigerian governors are concerned that millions of Nigerians are suffering because of the new Naira policy that was introduced by the CBN. This policy has caused the death of some people and threw many into untold hardship. Nigerians don’t deserve this pain, and shouldn’t be made to pass through this suffering because of a policy of government. The decision of government to give timeline for the return of the old currency is not good and unacceptable to the governors and, perhaps, many Nigerians. Old and new Naira notes ought to be allowed to move together until the old notes find themselves in the bank and naturally fizzle out.

You claimed the decision could make Nigeria slip into economic recession. How?

Financial experts said that and there seems to be element of truth in that position. The policy is, undoubtedly, not a good one now and also, the implementation was poorly planned. So many things might happen to the economy if urgent action is not taken. There are states in Nigeria that claimed that there are limited number of banks in their states. Besides, you can’t compel somebody to open an account with a commercial bank. So, what the governors are simply saying is that the CBN policy on Naira was not well thought out before the implementation. They described the policy as Naira confiscation. People were simply dispossessed of their old money and new ones were not provided for them.

They are accusations that politicians and bank officials are the ones frustrating this policy. How true?

I have no information or knowledge to that. However, if they claimed it’s the politicians that are conniving with bank officials to hoard the money, they should remember that most Nigerian elites are politicians. Besides, some people claimed that the policy was designed to financially weaken the politicians so they won’t be able to buy votes during the coming elections. But that won’t work. There are several ways politicians can buy votes before and during elections.

There are allegations that governors stockpiled money for vote-buying in the coming elections.

That’s laughable. Remember that even the CBN governor, Mr. Godwin Emefiele, had indicated interest to contest for the office of the President and had even bought APC presidential form to contest the election until he was stopped. It means he’s a politician too. Is it because he lost the opportunity that will make him frustrate millions of Nigerians who have genuine businesses and endeavour?

Will NGF beam searchlight on member-governors that might have allegedly stockpiled cash for vote-buying 

I can’t go into that, please. This is because the NGF that I work for is not engaged in political issues. So, I won’t answer the question.

So what’s the way forward?

What should be done now is to hold on or return to status quo, because the matter is already in court. Some governors have also indicated interest to join the litigation. The Supreme Court will adjudicate on the matter soon and take decision so that Nigerians can have a sigh of relief.