DPC bemoans CBN over poor state of Naira

” It is a common knowledge that the Nigerian economy is in comatose as the Naira continues to depreciate against major foreign currencies,

particularly the United States of America’s Dollar,” that was the statement of the national chairman of the Democratic Party of Congress DPC, Rev Olusegun Peters in a release made available by his party to this medium recently in Abuja.

He therefore said that his party was deeply worried that the Naira has officially been fixed at N200.00 for a Dollar and sold at over N300.00 at parallel market. The national chairman however called on the Central Bank of Nigeria CBN to stop engaging in endless fiscal policies somersault, which according to him has crumbled economic activities in the country.

He said that he has observed with dismay that for the first time in Nigerian history, the CBN had to sell Dollars to the ubiquitous bureaux de change operators with the fallacious assumption that it would stabilize the domestic currency, just as he added that the system boomeranged as the operators had a windfall at the expense of the Naira and the economy before the embattled CBN governor reversed it.

He however saw the CBN directive to banks not to accept dollar deposits; banks suspension of naira debit or credit cards outside the country and suspension of domiciliary accounts as fire-brigade policies by the apex bank which it reversed only to issue more ill thought-out measures to save the Naira and the economy.

> The insensitivity of the nation’s fiscal policy makers, according to the party was expressed in the new stamp duty policy where the Federal Government has commenced the implementation of the N50 stamp duty deduction on receipt of cash of N1000 and above from bank transactions. Speaking further, Olusegun Peters said that the apex bank has dedicated an account known as the CBN-NIPOST Stamp Duty Account into which all collections accruing from the new duty would be paid to shore up dwindling revenue and generate funds to finance the 2016 budget, saying that It is inconceivable that the measure would be implemented without adequate public enlightenment when banks also charge various fees for cash transfers from point of sales, Automated Teller Machines ATM and mobile banking transactions.

The recently concluded CBN Bank Verification Number BVN scheme, the statement added has showed that the nation has 52 million bank accounts verified so far while the stamp duty policy is expected to generate N2.5 billion daily for government. Although the Stamp Duty Act (2004), the party saw as legal, but however faulted its implementation, saying that the country is undergoing national crunch.

“We oppose this draconian economic measure and urge the CBN and the Buhari administration to consider the wellbeing of the longsuffering populace who voted for change.
We urge the CBN governor to sit up and formulate sound fiscal policies that will save the naira and the economy. The panicky fire-brigade approach should be jettisoned as Nigerians expect a robust, diversified and strong economy in 2016,’ he appealed.

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