The Action Congress (AC) has called for the sack of the Economic Mana-gement Team, including governor of the Central Bank of Nigeria, Professor Chuk-wumah Soludo, over what it called a “policy somersault” that has resulted in the re-denomination of the naira.
In the same manner, the Conference of Nigerian Political Parties (CNPP) has said the new naira policy is like putting the cart before the horse, as what the government ought to do first is “put the economy in good shape as Ghana did”.
However, indications from the market yesterday showed that the naira has made marginal gains in both the official and parallel markets, although it was not clear if this was informed by the CBN pronouncement.
In a statement issued in Abuja yesterday by AC’s National Publicity Secretary, Alhaji Lai Mohammed, the party said Soludo’s inconsistency, which will lead to the dumping of the new currencies recently printed at huge costs to taxpayer’s, would further deal the country’s tottering economy a big blow.
It also criticised the CBN boss for misleading the nation by tagging the planned change “redenomination”, when what the bank has actually done is “decimalisation”.
The party said the redenomination was not Soludo’s original idea, since “a team of independent economic experts presented it to the economic team of which he is a member over two years ago”.

"this day newspaper will tell you more of the story"

This na political vendatta against OBJ.

By the way why them no react when Attorney General Micheal Aondoakoa do his own summersault.

Dont mind Lai Mohamed, I wonder why he has not commented on Micheal Aondokoa's spin with Anti-corruption agencies.

May be those who say AC is Alliance for corruption are not wrong afterall.

Hi Nairalanders,

I was realy hurt by that submission of Ahl. Lai Mo'hd, cos he is one of those guys out there that I cherish so much. But I must state here that most POLITICIANS would kick against it b'cos their money warehouse will be affected. YAH ! some have started stalking money in warehouse in readiness for 2011 polls and cos of EFCC they will not go to Bank to safeguard the money.

So lets ask Lai Mo'hd which "somersault" he means, or I'll for him

Those people are just born oppressors, very stagnant and indecisive. They can never come up with a disciplined competitive opinion. they always want to critize, always want to do na we we(bribery and corruption), and yet they are still not positive. Na thunder go fire all those Nigerian haters.

mankevo:

Hi Nairalanders,

I was realy hurt by that submission of Ahl. Lai Mo'hd, because he is one of those guys out there that I cherish so much. But I must state here that most POLITICIANS would kick against it b'because their money warehouse will be affected. YAH ! some have started stalking money in warehouse in readiness for 2011 polls and because of EFCC they will not go to Bank to safeguard the money.

So lets ask Lai Mo'hd which "somersault" he means, or I'll for him

I have read accounts of other people's reaction to the denomination policy the the CBN Governor. I think what he meant by policy sommersault is the apparent inconsistency exhibited by the CBN helmsman. About 2 years ago, he was sold the denomination idea by some economists but he simply dismissed the idea without giving it any consideration.
He demonstrated his aversion for the denomination policy when he decided to commit large amount of money to the change of the currency last year, an exercise which you will no doubt agree gulped a large amount of money to implement.
Now barely less than a year after lauching that currency change with pomp and ceremony and what have you (I think the exercise was largely meant to appease OBJ and his religious base in removing arabic inscriptions from the currency than contributing any economic significance to the value of the currency), he has decided to make a policy u-turn by announcing the denomination policy. That was the policy sommersault the AC secretary was talking about.

some people are just backward, why call for the removal of someone that is tryin to fix ng problem at least from the value angle, all these insane politicians, ,they have nothing to offer , but they go stil dey criize ithers wey get ideas, fools

If the AC thinks this is what it takes to be an effective opposition party then it is sad because if they continue to challenge everything (regardless of the correctness or otherwise) they may end up becoming irrelevant in the next general elections.

Abeem:

I have read accounts of other people's reaction to the denomination policy the the CBN Governor. I think what he meant by policy sommersault is the apparent inconsistency exhibited by the CBN helmsman. About 2 years ago, he was sold the denomination idea by some economists but he simply dismissed the idea without giving it any consideration.
He demonstrated his aversion for the denomination policy when he decided to commit large amount of money to the change of the currency last year, an exercise which you will no doubt agree gulped a large amount of money to implement.
Now barely less than a year after lauching that currency change with pomp and ceremony and what have you (I think the exercise was largely meant to appease OBJ and his religious base in removing arabic inscriptions from the currency than contributing any economic significance to the value of the currency), he has decided to make a policy u-turn by announcing the denomination policy. That was the policy sommersault the AC secretary was talking about.

The above I agree with the first statement, Soludo have just spend monies to change currency just about a year ago and next year he is going to change it again. Who pays for that (The people scarce money)

I disgaree with the second statement to say that he is trying to please OBJ by removing arabic form the currency. Arabic is never any of our language. Yoruba, Ibo and hausa is our main language. Arabic is a religiously affilated language and it is rightly removed, otherwise we may soon have Jewish language on the currency for the Christians.

I think AC are playing politics, in as much as I think Soludo has made a mistake on this and messed the whole thing up, he need to be reprimanded but sacking definitely NO. He and his team has done well at the CBN.

May God grant them and us more wisdom to do the right thing.