The Nigeria Governors’ Forum (NGF) says the country is at risk of recession which will be the result of the naira exchange policy of the Central Bank of Nigeria (CBN).

The position of the governors was contained in a communiqué issued at the end of a meeting of the NGF, which held on Saturday.

In the communiqué signed by Aminu Tambuwal, chairperson of the NGF, the governors criticised the CBN over the handling of the naira redesign, adding that the resulting cash scarcity was causing hardship.

“The argument by the CBN for what it describes as the astronomical increase in the currency in circulation as the basis for this policy is not supported by its own data,” the communique reads.

“According to the CBN, the currency in circulation increased from N1.4 trillion in 2015 to N3.23 trillion in
October 2022. The Bank appears not to have taken into consideration the increase in the size of the country’s nominal GDP over this period, the doubling of consumer prices, rising
population, and the impact of the humongous Ways & Means advances to the federal government by the Central Bank of Nigeria over this period.

“In the circumstances, it is safe to draw either of two conclusions – the CBN data may be incomplete or in fact, Nigerians may have done exceptionally well in the transition to a cashless economy.

“In addition, considering the sizeable informal sector in the nation, the amount of banknotes created in exchange so far by the CBN implies it vastly underestimated the economy’s
actual cash needs.

“The inability to use the new notes has had far-reaching economic effects, leading to the emergence of the Naira black market, severe food inflation, variable commodities prices based on the method of exchange,and long queues as well as crowds around Automated Teller Machines (ATMs) and banking halls across the country with individuals hoping to get a fraction of their money in new notes to meet their daily livelihood.

“The country runs the risk of a CBN-induced recession.”

https://www.thecable.ng/breaking-nigeria-at-risk-of-cbn-induced-recession-over-naira-swap-says-ngf/amp

Nlfpmod Mynd44

The way these criminal governors are fighting against naira redesign leaving fuel scarcity that is approaching 2 months now is the more reason I support naira redesign. This is definitely affecting these criminals

Wow wow wow.

I believed I wrote a comment about CBN self induced recession just last week.

So the Governors just realized that artificial scarcity of cash in a cash driven economy will definitely lead to low purchasing power which will inturn lead to self induced recession.

It will also give incentive for counterfeiting of the new Naira note because when demand of money is greater than the supply, criminal element will see the opportunity to make counterfeit money.

This naira decision really touch these useless Governors.

Jflex07:
This naira decision really touch these useless Governors.

Didn't it touch you too?

Are you able to get the new notes quite easily at your location?

Iamgrey5:
Didn't it touch you too?

Are you able to get the new note quite easily in your location?

yea

Jflex07:
This naira decision really touch these useless Governors.

E no touch you? Forget politics for once, CBN under Emefiele has really messed up.

Jflex07:
yea

You must tell the whole Nigeria your location so that they can come and get their own too.

politicoNG:

https://www.thecable.ng/breaking-nigeria-at-risk-of-cbn-induced-recession-over-naira-swap-says-ngf/amp

Nlfpmod Mynd44

Una go tire. Part 7 is still loading....

Confused CBH

B

Dis Man

Peter Obi has shares in Fidelity and Access Bank that's why he is not talking!

Imagine a presidential candidate giving 2B to Church for mobilization. Lol

Peter Obi is just a fraud!

😩😩😩😩

Useless governors!

None of you imbeciles spoke out during the EndSars crisis!

Y'all kept mute during the increasing and embarrassing spate of terrorism and banditry!

COVID-19 palliatives that you fools diverted nko?!!

Suddenly, you have now found a reason to raise alarm all because of Naira swap! Mtchewwww!!!

APC and confusion.

The criminal thugs that urchins are celebrating today might become terrorists tomorrow, then same urchins will start crying. That's how it usually starts. Dey play.

It will be called EmefeBuhari recession.

Satan punish all of una!

Under APC we have witnessed 2 sessions of recession largely due to the inexperience and dullness of the government.

Fuel scarcity has been persistent
50Kg rice price moved from 8k PDP to 48k APC
Dollar rose from 216 PDP to 780 APC

all of you were dumb. CBN implements a policy that directly affects you all and it’s tendency to make useless, all the cash you guys hid to buy votes from Nigerians you’ve tagged zombies, y’all shouting like you care a bit. APC has made us get used to recession, so no be new thing

Thunder fire all of una

Between Jan 31st and Feb 10th no bank in the country performed currency swap. If take 200k old notes to the bank for swapping, the bank will collect the old notes, deposit it to your account and tell to go queue behind 200 people at the ATM to withdraw 20k new notes. Is this what you call currency swap?

The fact that CBN set old currency swap deadline when no bank in the country is swapping the old currency tells you that the current CBN is the most stupid in the history of this country.

And dollar price no drop with all the recession.

Ok

Word word




This bunch of dumbo’s really don’t know what they are up to I really wish it was Tinubu at the helm of affairs already so he can show em how to do it

Nigeria has been in a depression for the past 8 years. Ever since Buhari entered office, everything went from bad to worst. So this is nothing new.

Northernblood8:
The way these criminal governors are fighting against naira redesign leaving fuel scarcity that is approaching 2 months now is the more reason I support naira redesign. This is definitely affecting these criminals

shut up , imbeci.le.
Aren't you seeing the long queues at ATMs and bank premises. People are even sleeping there to get their own money they toiled for.

people are suffering to get their own money to live.

Idiots like you are probably being fed by your parents so you can't relate to someone limited to just 20k per day and still can't get it.

apc government and governors again. Useless party.

I support Emefiele 100% on the policy and timing to stop terrorist and vote buyers bt they should implement that the common man can get some limited cash for his daily use while ensuring the banks do not give money to criminals, treasury looters and vote buyers.

a saboteur governor collected 500m from a saboteur bank according to elrufai. Why hasn't he been identified and investigated.

Northernblood8:
The way these criminal governors are fighting against naira redesign leaving fuel scarcity that is approaching 2 months now is the more reason I support naira redesign. This is definitely affecting these criminals

Exactly bro.. most especially tinubu

Iamgrey5:
Didn't it touch you too?

Are you able to get the new notes quite easily at your location?

The fuel scarcity touched me more. Why are the useless Govenors ignoring it? What's their obsession with the Naira swap?

I guess Emefiele is happy now.. quacks with fake certificates in delicate positions.. cos of partisan politics brought untold hardship on Nigerians and now the country will likely plunge into CBN-induced recession.

It is fine for anyone to accuse the governors of ulterior motives in this naira scarcity but you can't fault the fact that ordinary Nigerians have been at the receiving ends of this ill-thought policy, and not the governors and their immediate family members.

The governors should just grow some balls and direct their angers to the President and not the 'inmocent' CBN governor.