LAUNCH OF eNAIRA ELICITS REACTIONS

BY CHRIS TONY AKHABUE

The launch of  eNaira at the State House, Abuja, on Monday, the 25th October, by the President of the Federal Republic of Nigeria, President Muhamadu Buhari, has continued to elicite reactions from Nigerians.

 According to the Director, Corporate Communications of the Central Bank of Nigeria, Osita Nwanisobi , the launch of eNaira by President Muhamadu Buhari  is  the culmination of several years of research work by the Central Bank of Nigeria in advancing the boundaries of payments systems in order to make financial transactions easier and seamless for every strata of the society.

 According to him, the eNaira marks a major step forward in the evolution of money. In a Press Release made available to the Press, he said the eNaira marks the evolution of money and that the Central Bank of Nigeria is committed to ensuring that the eNaira, like the physical Naira is accessible by everyone. He said," given that the eNaira is a journey, the unveiling marks the first step in that journey which will continue with a series of further modifications, capabilities and enhancements to the platforms. He said the Central Bank of Nigeria would continue to work with relevant partners to ensure a seamless process that will benefit every user, particularly those in the rural areas and the unbanked population. How this will be achieved is left to  be seen with time.

 Expectedly, the launch of the eNaira by President Muhamadu Buhari, on Monday at the State House, Abuja, has continued to elicite reactions from the general public.

One of the respondents who spoke with Lifeexpressiononlinenews, over the weekend, in his Benin City office  the Edo State capital, Alhaji Badamasi Salek (JP), the Chairman Hausa Community, Edo State,  a prominent player in foreign Exchange business, popularly referred to as Bureau de Change (BDC), pointed out that the introduction of the eNaira by  President Muhamadu Buhari was certainly for the good of all, knowing full welll that the President will not deliberately  introduce a policy that will put the economy of the nation Nigeria and its people in jeopardy, stressing that he knows very welll that the President did not just wake up to introduce the policy, adding that the President must have consulted widely with the relevant stake holders and allied governments institutions before coming up with the decision. He said that he believes that the various organs of government and various governmental institutions must have critically analysed and evaluated the policy and have all unanimously agreed and accepted that the policy will be of benefit to the country before the President finally unveiled it to the public.

 He however advised the government and the Central Bank of Nigeria to embark on a mass enlightenment and sensitization of the public so as to keep them up to date with the nouveau eNaira, stressing that it is not everybody that understands presently what eNaira is all about.

 He also advised that the government should always consider consultation with the operators of BDC especially in matters affecting Foreign Exchange, citing example with the earlier decision by the Central Bank to stop giving BDC operators foreign Exchange. He said that singular decision was not too proper because,according to him,  that inevitably added to the shortage of dollars in circulation, making the scarcity to propel  rising cost of the Naira to the dollar.  He said if there is enough dollars in circulation, the rate will be competitive but if in short supply, then of course the value of the exchange increases. He observed that the very week the Central Bank stopped giving dollars to the BDC operators, the exchange rate for the dollar went up to N500 and above and today the dollar is going up to N700. According to him, he said if they were consulted, they would have advised the government not to toll such line because of the adverse effects it would have on the economy.

 He however said the government would not have taken their advice seriously  because the government would think their advice is based on BDC monetary interest. 

On the rising cost of food items and other basic daily necessities, Alhaji Badamasi Salek, a major player in the foreign exchange business in Nigeria observed  that the stoppage of foreign exchange to the operators of bureau de change  has contributed immensely to the rising cost of living in the country, pointing out that the decision has triggered the inevitable chain reaction.

 He therefore advised the government to revert back to the former  position of giving the BDC access to the dollars and let's watch the economy bounce  back. He advised the government to always ensure that the operators of BDC are carried along in matters of foreign exchange as they are all working towards one goal of growing the national economy.

In another vein,  Alhaji Amindu Alli, the Chairman of (BDC), Bureau De Change in Edo State in a chat with newsmen in his office in Benin city, observed that the prices of crude oil at the international market has greatly affected the cost of living in Nigeria. He said the government is making concerted efforts to address that by reducing our over dependent on oil by increasing the 2021 agricultural budget so as to revamp that sector in order to boost food security. He said the covid 19 pandemic also contributed in no small measure in the down turn of the global economy.

 He therefore urge every well meaning Nigerian to pray for the leaders so that they will continue to put in their best for the overall interest of all.