Naira Scarcity: Adamu convenes meeting, engages Progressive Governors’ Forum

*Senator Abdullahi Adamu, National Chairman of the All Progressives Congress, holds a meeting with members of the Progressive Governors’ Forum for some interaction to have ‘a better or a better understanding’ of the current state of affairs in Nigeria

Isola Moses | ConsumerConnect

Senator Abdullahi Adamu, National Chairman of the All Progressives Congress,  is holding an emergency meeting with state governors on the party’s platform in Abuja.

The development might not be unconnected with the growing friction between President Muhammadu Buhari and some aggrieved governors over the Naira redesign policy, and subsequent cash crunch that has subjected Nigerian consumers to untold hardship in the past weeks, according to report.

Affirming the speculation in regard to the agenda of the meeting, Senator Adamu in his opening remarks, stated that recent developments necessitated the need for the invitation he extended to the APC governors.

ConsumerConnect reports the Progressive Governors’ Forum is a forum of governors elected on the platform of the APC, the mega party born of a merger between the Action Congress of Nigeria, All Nigeria Peoples Party, Congress for Progressive Change, and a faction of the All Progressives Grand Alliance.

Adamu also stressed the essence of the meeting is not to sit in judgment against anyone with regard to happenings in the country even as it affects the ruling party.

Senator Adamu reportedly said: “I thought the best thing to do is to get all those who are holding forth in their respective positions and who were elected on the platform of the party to get together, and have some interaction so that we can have a better or a better understanding of what situation we are in.”

Naira policy implementation crisis

Reports have indicated that violent protests resulting in vandalisation of banks’ and citizens’ property, and deaths in some states of the Federation, have continued to trail the implementation of the currency redesign policy.

The unexpected development was said to have forced certain state governors to seek various means to still the brewing storm.

However, the lingering cash squeeze, blamed on the Central Bank of Nigeria, was further worsened by the recent declaration by the President, that the old N500 and N1000 notes had ceased to be legal tender.

The position of the Supreme Court on the burning issue is that Federal Government, through the CBN should hold off banning the use of the old banknotes pending the hearing and determination of the ‘consolidated cases’ instituted by about 10 states.

ConsumerConnect reports the Supreme Court Wednesday, February 15, had adjourned the case for hearing February 22 this year.

The President Thursday also directed the CBN to allow the old N200 notes to co-circulate with the new N200 denomination.

However the presidential directives did not seem to sit well with several Nigerians, and same stirred various dissenting reactions even among the PGF members.

Shortly after President addressed the the country Inna nationwide broadcast and issued the orders last Thursday, Governor Nasir El-Rufai of Kaduna State later addressed people of his state.

El-Rufai maintained the President was wrong on his position with respect to the cash swap issue.

Subsequently, Governor Abdullahi Ganduje of Kano State and Rt. Hon. F’emi Gbajabiamila, Speaker of the House of Representatives, who are both members of the ruling party, also faulted the Buhari’s official position on the matter.

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