The Central Bank of Nigeria, CBN, is in rough waters over its currency re-denomination plan -having been suspended (we hope, NOT cancelled!) by the presidency for failing to follow (and, thus, pending) due process. Quite intriguing, if not hair-raising, I tell ya!
Nothing in the elaborate and expansive announcement by the federal attorney general touched on the merits or demerits of the scheme. Indeed, a few days earlier, the federal cabinet had ordered a fine-tuning conclave of both the CBN and its own Economic Management Team, even as the minister of finance - chair of the team and erstwhile CBN deputy governor - reaffirmed that the policy was within the bank's remit. Some political food-for-thought, isn't it?!
We are told the president was not briefed, and thus did not give express approval, as required by law, on this plan. Okay. Now, what next? Back to the path-of-order, of course.
The CBN has wisely, if inevitably, bowed in obedience and obeisance. It should now follow due process. The governor promptly cut short his vacation to tackle the spiralling inferno! Wise.
If I were the president, I would fast-track the whole matter and get it resolved and on track before it harms the system, and us all.
My personal take is that the scheme is sound and should go ahead. Many of the comments and opposition grandstanding should be viewed within the overall strategic agenda of the CBN from the 2005 banking consolidation days. Change is painful no doubt, but this currency change is inevitable! Period.
If I were President Yar'Adua, therefore, I will ask for all the fine-tuning and final briefings to be concluded within 2 weeks. I will give my approval by mid-September at the latest.
It is in Nigeria's interest.
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