By Enyichukwu Enemanna
The last of the Naira notes scarcity that crippled the economy of the largest African nation earlier in the year has not been heard as Nigeria’s President, Bola Tinubu who just clocked a month in office, recalled his experience during the period.
The Naira swap policy by the Central Bank of Nigeria which sought to replace the old N1,000, N500 and N200 notes had led to a scarcity of the local currency after the old notes were withdrawn without a commensurate volume of the new ones to feed the market.
The policy coincided with the electioneering campaigns in the country and continued till the February 25 presidential and National Assembly elections, a policy then candidate of All Progressives Congress (APC) Tinubu said was introduced by the Central Bank to thwart his chances of winning the election.
Tinubu upon assumption of office on May 29 as Nigeria’s 16th President removed then Central Bank chief, Godwin Emefiele and ordered his probe.
The President while recalling that difficult period in the country at a meeting with traditional rulers in Ijebu-Ode, Ogun State, South West Nigeria on Thursday, revealed that he was forced to invoke the spirit of freedom in the South West state to mitigate the hardship that accompanied the policy.
He added that some of his popular statements during the campaign period that resonated with Nigerians and his supporters were used to invoke the spirit.
“I invoked the spirit of freedom in Ogun,” the PUNCH quoted the President as saying at the palace of Awujale and paramount ruler of Ijebuland, Oba Sikiru Adetona, in Ijebu Ode.
He added, “It is a homecoming and I owe so much to all of you and there is so much to thank you for. Because of the way you have taken me and the way you’ve responded to me, all I can say is thank you.
“To many of you, thank you for being there for me and being there for the country. You demonstrated so much loyalty, so much commitment and voted at a very crucial time.
“Your monies were confiscated. The cash swap didn’t work. It was terrible then. I realised that and I came to Ogun State to invoke the spirit of freedom for which we are noted for.
“I invoked that spirit twice. The spirit of Baba (referring to Awujale). The spirit of Baba – Emi l’okan (it’s my turn), that’s Baba. The spirit for being blunt and that is him.
“And the second spirit is that of money (Naira scarcity), ‘ama dibo ama wole’ (we will vote and we will win) even if there is no money. And that, ever since, has been the spirit that is driving me to serve.”
Tinubu had attributed the arrest and detention of the Central Bank Governor to alleged economic crimes committed against the country.
President Tinubu who spoke, during an interactive session with Nigerians residing in France and neighbouring countries, said the financial system was rotten under Emefiele.
He said “Then the financial system was rotten. Few people made bags of money and then you yourself, you stopped sending money home to our poor parents. Several windows. But that is gone now. It’s gone.
“The man is in the hands of the authorities. Something is being done about that. They will sort themselves out.”
