One possible solution to the impasse caused by the Naira Redesign and Currency, conversations are taking place between the governors of the All-Progressives Congress and the Federal Government.
This was revealed by Oludare Marindoti, the initiative's governor, in response to conversations between the governors and the federal government over an out-of-court settlement.
N either the Federal Government nor Godwin Emefiele, the Governor of the Central Bank of Nigeria, have the authority nor the legal right to defy the Supreme Court.
The Naira Redesign and Currency Swap's fundamental premise is faulty.
He stated that he is confident the President may have been duped into endorsing the Naira Redesign and Currency Swap Policy, a speech given to the diplomatic community by Godwin Emefiele, the Governor of the Central Bank of Nigeria.
He admitted that the amount of money in 2015 will be bigger than it is at the moment.
Due to changes, the value of money in 2015 will be between 31 and 41% higher than it is right now.
According to Mr. Marindoti, the underlying data indicates that the decision's by the governor of the Central Bank of Nigeria, is at best flawed.
He used the example of a first-year medical doctor, one month's pay would easily buy a brand-new iPhone, but that has changed, and a medical doctor earning the same salary now will need to save for four months to purchase the same good. There is no real pressure on the CBN Governor to purchase commodities. The management system the Central Bank of Nigeria has been using up to the root of Nigeria's problems, especially our problems with FOREX.
Nigeria will be able to carry out tasks more effectively, he continued, provided the problem with the FOREX Management system employed by the CBN is resolved.
Moving forward According to him with the OPEC production increase that Saudi Arabia started in 2014 in an effort to attack US oil producers directly by driving down the price of oil from 88 dollars per barrel to 50 dollars.
Considering that the cost of investment had decreased, he continued, the country should have launched a charm drive to entice foreign investors to invest in Nigeria instead of choosing the absurd course of currency control.
According to Mr. Marindoti, who was paraphrasing the President, He informed us the Money in People's Houses was 78 percent in 2015 but has decreased in value by roughly 26 percent.
He explained that while all money is Cash, not all money is Cash and that Cash represents just around 6% of the money that is supplied.
There is no need to put the country's small company owners under a lot of strain.
Marindoti claims that a friend of his who owns a rice mill in Lagos has been trying to get 20,000 Naira in cash for more than two weeks now without luck.
He expressed the wish that calmer heads in the matter's resolution and questioned why the President, who once lost an election but went to court to seek relief, now refusing to abide by a court order.
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