The Member Representing Ethiope Federal Constituency in the House of Representatives, Hon. Benson Igbakpa, has slammed the naira redesign / cashless policy of the Central Bank of Nigeria, CBN, describing it as a, “neo-liberal monetary reform” which, “is a failure”.
The position of the Federal lawmaker, was obtained by Fresh Angle International from his verified twitter handle few minutes ago.
He posited: “We are witnessing protests across the country at the moment. People cannot deposit old notes not withdraw new notes for daily expenses. This neo-liberal monetary reform is a failure. I don't care what the intentions are. The collateral damage on the people is staggering.
“We may differ in opinions on this Naira redesign but can agree that the aftermath of it is fatal for the majority of the population. It may be constructive in the long run but tragically disruptive in the immediate. The intensity of hunger in our communities is itself a recipe...For a breakdown of law and order. We are now seeing attacks on banks, markets, and warehouses. Whatever the targets, these protests are likely to spiral into a major crisis. The economy can only be stimulated by macro businesses but they are yet to grasp the banking framework.
“We need to discern governance as a symbolic relationship between leaders and the people. It is no longer economic good governance when the people suffer. We have to always consider the olfactory sensibilities that bring countries to their knees before implementing policies”.
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Hitler Preye Bela
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