NYCN tells Nigerians to hold Emefiele
accountable for county’s economic woes
By Gambo Jagindi
August 01, 2022
The National Youth Council of Nigeria (NYCN), has described as unpatriotic comments credited to the Central Bank of Nigeria (CBN) Governor, Godwin Emiefele, blaming the depreciation of the Naira on non-remittances of dollars by the Nigerian National Petroleum Corporation (NNPC).
The CBN had blamed the NNPC for the scarcity of dollars and depreciation of the naira after the exchange rate of the dollar crossed the N700 mark in the black market.
The naira had last week crashed to N718 to one dollar.
The increment was driven by the high demand for dollars, which has piled up pressure on naira in the black market, as the CBN refused to sell foreign currencies to Bereau De Change (BDC) operators over alleged financial infractions.
The CBN governor accused the BDC operators of operating against their mandate and aiding money laundering by providing their services to illegal businesses.
Since the ban on sales of forex to Bureau De Change, the naira has been on a free fall in the parallel market.
According to the apex bank, it cannot solely manage the naira with its monetary policies, and that it does not print foreign currencies, so the non-remittance by the NNPC and its subsidiaries significantly limits the availability of forex in the foreign reserves.
”Domestically, there has been zero dollar remittance to the country’s foreign reserve by the NNPC,” the CBN said.
In a swift reaction on Sunday, the NYCN, through it’s President, Solomon Adodo, however, urged Nigerians to hold Emiefele responsible for the rapid depreciation of the Naira against other major currencies of the world.
Adodo stressed that Emefiele was to be blamed for Nigeria’s economic woes because he completely failed to concentrate on CBN’s core mandate of ensuring price stability.
The NYCN noted that foreign direct investments and growing dependence on importation, as well as other factors such as
oil and non-oil related, including a drop in Nigeria’s crude oil production, contributed to the country’s dwindling economic fortunes.
It further listed growing petrol subsidy, an unsustainable dual exchange rate system, and working at cross-purposes with President Muhammadu Buhari’s objectives, as issues
responsible for deepening poverty in the country.
The NYCN said it was therefore, shocked by the CNN governor’s comments.
”As a youth group, we have noted that the inability of the CBN to promptly release the benefits of today’s improved oil prices, free-fall of the Naira in the parallel market.
”We are in the know that for over three months now, dollar-denominated cash call
cash cover, leading to the loss of JV Partners’ confidence to restore production and
policy issued outside the purview of the NNPC.
:’Also, payments amounting to over 400 million dollars, properly processed, are yet to be paid by the CBN under Mr. Emefiele.
”We are taken aback that Mr. Governor is feigning ignorance of his obligations that are affecting the economy.
”We find it curious that the apex bank governor seems to be unaware of the insecurity and its
monumental impact which costs the country about two billion dollars monthly.
”To us at the NYCN, Emefiele is tired and should be sacked,” Adodo said.
According to the NYCN, from all indications since Emiefele’s failed presidential bid, Nigerians are bearing the brunt of his inaction.
The youth council said Nigerians were concerned about the future of their country.
The NYCN , however, passed a vote of confidence on the NNPC.
”We are optimistic that the NNPC’s transitioning into
adopting a single market-responsive sustainable exchange rate, improving
globally, and this in turn would translate to more foreign exchange for the country.
”We urge president Buhari’ to heed our clarion call to send Mr. Eemefiele packing from the CBN, we advise
limited liability entity in line with the provisions of the Petroleum Industry Act.
”We also hope that the NNPC Ltd would compete favourably with its peers,” the NYCN said.