Nigerian Young Professionals back Emefiele on currency redesign policy

The Nigerian Young Professionals Forum (NYPF), the body of young professionals across Nigeria made up of frontline entrepreneurs and business leaders in different sectors of the economy has thrown its weight behind the embattled Central Bank of Nigeria (CBN) Governor, Godwin Emefiele on naira redesign.

The group described attempts to force the CBN Governor to extend the currency swap deadline or reverse the redesign policy as unnecessary harassment.

It said the policy of the CBN, in spite of a few setbacks, is timely and should be allowed to succeed.

The young professionals’ group described the barrage of attacks by the various politically motivated interest groups, political parties, politicians, and others as an undue distraction that will serve only personal interests against the intended national interest as envisaged by the CBN under Emefiele.

It warned that any attempt to further harass, or cause further obstruction to the CBN policy will be greeted with serious repercussions from the citizens who are tired of the manipulation of the currency by the elite for their selfish gains. It said that a huge amount of money has been taken away from circulation by the elites who have now been caught napping by the CBN policy forcing them to return such money to the banking system.

On the insinuation that the policy is targeted at curbing vote buying and election manipulation, the NYPF said it was important to stop electoral corruption because the 2023 election will be a defining moment in Nigeria’s political history and that any attempt to sabotage the wishes of the people through open buying of votes will have ripple negative effects and multidimensional consequences of the outcome of the election and the future of the country as most citizens are already tired of the corrupt electoral process that produces corrupt leaders.

The group noted that the CBN, under Godwin Emefiele, has initiated several policies that have been beneficial to young businesses and young professionals who were, before some of the policies, left on their own without support.

It said that the CBN interventions with such policies as the anchor borrowers program, and the CBN Small and Medium Enterprises Credit Guarantee Scheme with over 200 billion, among several youth-friendly policies have helped many young professionals to stabiles their businesses and employ more people.

Speaking further, the Chairman of the NYPF, Moses Siloko Siasia, said that the decision to back the CBN Governor at this time is to demonstrate absolute solidarity with a man who has been very friendly to young people and emerging professional through his policies targeted at enabling small and medium enterprises (SMEs). He said that most of the issues that have been raised against the CBN policy in recent time has all been politically motivated and do not serve the interest of the wider public.

Siasia cautioned politicians to stop toiling with the destiny of the country for their selfish political gains, insisting that the CBN should ensure that the date given for the currency swap remains sacrosanct.

Siasia said “we want to assure the CBN governor, Godwin Emefiele that he is not alone, young professionals will not let him down, we are very determined to speak up and we will continue to stand by him and to ensure that his legacy will be protected and that our country will be rescued from manipulative tendencies of the political class”

Giving reasons for the support for Emefiele, Siasia said that some of the youth-focused initiatives introduced by the CBN have aided the businesses of young people across Nigeria and also the interventions through the Agriculture support funds have been beneficial to many. He also stated that the Covid intervention by the CBN helped the country overcome the period of that difficult health crisis which had a direct impact on young people across the country.

He noted that the various interventions of the CBN under Emefiele have been able to slow the pace at which young people move out of Nigeria. He further noted that directly and indirectly, the CBN governor has helped to create jobs for youths through various policies and interventions by the apex bank therefore this new policy should be supported by all.