Christian Jonathan
He said the currency changing is coming too late, and that he
Forsaw it in 2016, when he diliverd a public lecture at chartered institute of administration.
ln his speech he made it very clear that Nigerian was experiencing excess liquidity that was putting undue pressure on Naira but nobody saw it and he equally said Naira will become #500 per Dollar one day, but now Dollar has gone beyond it to #860 per Dollar as at today.
And he also wish chartered institute of administration would published his speech presentation in their journal.
And what made Nigeria not to notice the Naira falling, was that the dollar made available by the then President, Jonathan was still fresh in the account there were dollars in excess crude account, so the simple reason behind Naira Fail is Excess Liquidity, when you have excess Naira chesting Dollar, the Naira will fall.
Speaking further,he made a recommendation that the CBN and Nigeria government should find a way to mop up this excess liquidity.
Because countries like India, America change their $100 notes from black to sky blue, lnfact of recent Benezular did change their currency when you have excess liquidity you want to reset the economy right, the best thing to do is to reduce corruption, by changing the design of a naira.
This will make it possible for the Central Bank governor to check mate the excess liquidity and and also begin to control the money in the economy and by so doing Naira will have more value.
Further more he also said that the CBN Changing the currency is the best step in the right direction.
The CBN govonor,made Godwin Emefile made us to understand that 80% of the money that is supposed to be in circulation are hidden somewhere,and he has to take extra underlined steps to bring it back to bank. Without that, theirs no way he can correct the economy and Naira will never appreciate it value.
The money was too much, infact it is allige that the total money in circulation was about 3,2 Tirion Naira, that is too much and the CBN Governor, Emefile never fellow the noms of not printing Naira through way and means of 5% Beach Marks of the privous years GDP,
But in this case he has over printed through alot of means.
You will also recall that when Mr Godwin Obaseki the executive govonor Of Edo State saw this, he cried out, but the CBN and other politicians didn’t pay attention to him.
If NNPC is earning Dollars and we are not importing fuel, we will have enough Dollars in our system.
So Emefile has taken a right step in a right direction, which is highly recommendable even though is too late but himself contributed to the collase which his trying to correct through some steps.
The ways he destroy the economy was through Devaluating Naira which is not good for Nigerian Economy, Because when you devalue, you increase your National Debit .
It will reduce the price of export and earn a foreign exchange but what do we export more in this Country which contribute to 70% of our GDP.
Another way he kill NIGERIAN Economy is by printing through ways and means beyond the Beach mark 5% of previous beyond, Naira will fall and extra budget spending.
The third way is through Baby feeding approach such as anchor borrows programs, money release to energy sector and all these put on paper has not brought any solution to a common man because price of commodity is till very high and the baby feeding approach has failed.
In 1973, Chief Obafemi Awolowo granted Television interview and said when he wanted to change Naira, only 3 Persons knew about it, himself being the minister of Finance and vice chairman of federal executive Council and the Head of State.
So the Changing of Naira that time was his own initiative under the minitary Regim so in the case of minister of Finance, she’s not the initiator, so once the president has granted approval the CBN has to commerce.
Another person critise is the Isilamic cleric Sekumi who called press conference to say that the CBN policy is going to make knappers to begin to demand Dollars as Ransom, Mr Ajayi said , he doesn’t know if Mr Sekumi is the spoke person of the knippers or he knows their minds,
But on the short run we need to be awere that, CBN has given deadline, that by January 31th 2023 #1000, #500, #200 denomination, will be changed.
Thy will turn to Bruru De Change and buy Dollars at any rate. So the steps taken by CBN is the right step and it will safe Nigerian in the long run and will stablize the currency.
Chife Ajayi futher suggested that the possible solutions to stablize the Nigerian Economy is to stop printing Naira beyond the 5% Beach Mark of the GDP Previous years GDP.
And the Government should emback on a massive public enlightenment to a common man, and ICPC, EFCC should play a crucial role by monitoring the BDCC
The CBN should also ensure that common man can easily change his money easily in the bank without stress.
