Cash stocked in Soakways, farm Houses flares insecurity — AYCF
By: Femi Mustapha
Arewa Youth Consultative Forum (AYCF) has lamented that cash stocked in Soakways, farmhouses and other illegal Vaults, are used to flare insecurity hence the need to support the Revised Cash Withdrawal policy of CBN, that will result in addressing the economic challenge facing this country.
The AYCF National President,
Alhaji Yerima Shettima stated this during a press conference held in Kaduna yesterday.
According to him the Forum have followed closely the unfolding negative campaign that is clearly funded by enemies of this country’s economic growth and development, noting with disappointment the way and manner the media has been used to castigate the CBN Governor and his management for taking bold steps to address the economic challenge facing the country.
He added that, they are in support of any policy review by the CBN that could help boost the value of the national currency, even if doing so will hurt politicians who have hidden millions in cash, with intent to buy up voters in the forthcoming general elections.
Alhaji Shettima explained that the wholesale hoarding of Naira banknotes by members of the public is now being dealt with by the policy of Naira redesign.
“Long before now, CBN’s available statistics show that cash outside banks consist of over 80% of the Currency-In -Circulation (CIC).
“That the economy has suffered heavy, avoidable bruises. As at end-June 2022, available data indicated that N2.72 trillion out of the N3.26 trillion currency in circulation, was outside the vaults of commercial banks across the country, and supposedly held by the public
Alhaji Shettima stressed that AYCF rejected situation where National security will be threatened by sponsored political violence using cash from Soakways, farmhouses and other illegal vaults.
“We are convinced, after our independent investigation, that there are very clear benefits and we State these, for the records, to include:
” The current effort will ensure effective monetary policy A beautiful means to fight against corruption that we have not tried before in the economic history of this nation
“Strategic effort that could help in the stabilisation of the Exchange rate More effective means of reducing inflation
” Pulling the cash outside the banks will augur well for the economy as monetary policy decision making will be easier.
“Less notes, especially outside the banking system, will check terrorism financing.
“Most importantly, the less cash available outside the banking system will reduce corrupt practices engendered by cash exchanges.
“We wish to make it categorically clear that the action of the CBN was backed by the constitution and the Rule of Law.
“The CBN has acted within the limits of its monetary policy powers, on this Naira redesign policy. The management of the CBN relied on section 2(b), section 18(a), and section 19(a)(b) of the CBN Act 2007. Add this to the Presidential approval, as provided by the laws of the land.
“We believe that the Revised Cash Withdrawal was part of a component of economic reform policies that will help revive our national economy and ensure stability in the fight against terrorism financing, the shameful level of official corruption and thievery by a section of the political class for more than a decade.
“The AYCF wishes to state that it will be suicidal for a policy of economic stabilization to be reversed for the sake of few selfish political and self-serving interests.” He said