NGF accuses CBN of confiscation

The Nigeria Governors’ Forum (NGF) has accused the Central Bank of Nigeria of conducting a ‘currency confiscation’ program, causing difficulty for Nigerians. The governors have also called for the cessation of the CBN’s plan to terminate the use of old currency notes. The governors, from all parties, stated this in their communique at the end of their meeting held on Saturday in Abuja.

Since the announcement of the new notes last October, Nigerians have found it difficult to access cash for their daily transactions.

The NGF believes that the best practice around the world is to create a suite of incentives to attract customers rather than a draconian approach, and the current CBN approach raises concerns about the respect for the civil liberties and rights of Nigerians as it relates to their freedom to use legitimately earned income as they so wish.

The NGF dismissed the argument by the CBN that the astronomical increase in currency in circulation is the basis for its policy. The NGF called on the Federal Government and the CBN to comply with the rule of law and listen to the voices of reason expressed by Nigerians before the damage to the economy becomes irreparable.