The Niger Delta Youth Congress (NDYC) says the monetary policies of the Central Bank of Nigeria is ill-timed and poorly implemented. The group also condemned the Presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, for supporting the policy amid excruciating hardship Nigerians are going through.
A statement signed by signed by Israel Uwejeyan, spokesman of the NDYC, called on the CBN to refrain from the policy it is benefiting some politicians at the detriment of the suffering masses.
“It is imperative that the CBN refrains from using monetary policies and execution timing as a political weapon for the benefit of some politicians, to the detriment of the suffering masses
“We understand the need for economic stability, but we also believe that the CBN must be mindful of the consequences of its actions on the masses, the statement.
The statement lamented that “The scarcity of currency is affecting small business owners, killing start-ups and making life that was already difficult, worse for the average Nigerian through the inability to access their hard-earned money for daily purchases.
“We implore the Presidential campaign of the PDP to desist from taking advantage of the sufferings of Nigerians for their selfish political gains.
“The effects of this policy have resulted in a pervasive state of financial distress amongst our fellow citizens and it is imperative that this is immediately alleviated.
“The PDP and its Presidential candidate should not use their lack of financial capacity to finance their election and lack of Goodwill of the populace to support an ill-timed and poorly implemented policy that is causing an untold hardship on the already exhausted citizens of this nation.
“We urge that the CBN must strive to alleviate the sufferings of Nigerians and save thousands of small business by releasing newly minted naira notes into circulation and extending the deadline for the retirement of the old currency so as to ensure that citizens especially in the remote areas of the Niger Delta region and Nigerians do not lose their hard earned money.
“The NDYC is calling on the CBN to prioritize the well-being of the average Nigerian and to avoid engaging in political activities or playing politics with its policies and timing.
“The CBN must remain independent and neutral, and it must take a proactive approach in addressing the challenges faced by the economy and promote economic stability, while also ensuring that the average Nigerian is not unduly affected by its policies.”