The Neo Africana Centre (NAC), a public policy think tank, has thrown its weight behind the currency swap policy of the Federal Government which has seen some denominations of the old Naira notes give way to redesigned ones. The Centre said it is persuaded to back the policy following the valuable light, which President Muhammadu Buhari has shed on the matter.
In a national broadcast on Thursday, President Buhari pointed out that a very high percentage of currency-in-circulation was outside the banking system, thereby aiding illicit financial flows and distorting financial policy and efficient management of inflation. Under the new policy, about 80 per cent of bank notes, which were hitherto kept in the private vaults of individuals and institutions have been reintroduced into the system. This development will accelerate economic activities, reduce inflation and strengthen our macro economic activities. It will also minimize the influence of money in politics as we go into general elections next week.
In a statement by its Director of Public Affairs, Jenkins Udu, NAC urged Nigerians to appreciate the noble intentions of government and understand that the policy is not directed at any person or group but an effort to stabilize the Nigerian economy.
The statement reads in part:
“After listening to the president’s address on the ongoing currency swap, we are convinced the more that the policy is in the best interest of Nigerians. As an institution that pays serious attention to matters of public policy and democracy, we urge Nigerians to embrace this new monetary policy. Before now, we had frowned on the orchestrated effort within the fold of the All Progressives Congress (APC) to truncate the policy. It has now become obvious that those devious moves by some highly placed politicians especially in the APC are self-serving and unpatriotic.
“It is, however, gratifying to note that some patriotic politicians like Mr Peter Obi of the Labour Party have embraced the policy for all the good reasons.”