Naira redesign disaster, failure to Nigerian economy – SECCIMA 

The President of South East Chamber of Commerce, Industry, Mines and Agriculture, SECCIMA, Chief Humphrey Ngonadi, Monday, at Nnewi, Anambra State, described the redesign of the Naira by the Central Bank of Nigeria, CBN, as a disaster and failure to the Nigerian economy.

Reacting, Ngonadi, who is also the Chief Executive Officer of Ngobros Company, and Vice National chairman, National Association  of Chamber of Commerce, Industry, Mines and Agriculture, NACCIMA, said that there was no maturity in redesigning of the naira at this time the economy of Nigeria has totally failed.

” We have economic failure in the whole world, but Nigeria is the worst. This administration met dollar at #200 but today it is #800 plus, the President Muhammadu Buhari led-Federal Government and CBN Governor, Mr. Emefiele, have kept on borrowing and they are talking about redesigning of naira. Won’t they print it, they borrow money to redesign naira and what do they expect to achieve out of it?.

“On announcement of redesigning  of the naira, the dollar they met at #260 presently before the announcement, went up to #600 plus, and have flied to #800 plus and it still wants to go higher. To me, it is a disaster to the economy, the CBN Governor, at the present time, talking on how to redesign money, he would have being worried on what to do to see to the  betterment of the economy that has failed, that’s my thinking.

“It is improper at this particular time, let me see how far he will go, the present administration met a bag of rice at #8,000, before the announcement, rice is #38,000 plus, today is #48,000 plus, it is doing the right thing at the wrong time, the timing is totally wrong,” he stated.

According to Ngonadi, they would have allowed the economy to improve before embarking on the redesign of the naira, stating that it is wrong at this time to redesign it.

Asked on whether the redesign now has a political undertone as the general election is almost around the corner, he posited that it has not.

” I don’t think it has political undertone, it is lack of wisdom, if there is money being hurdled for, it is by all of them, the politicians, the money being redesigned affected the whole country, let them not take because of the length of a snake to burn the whole bush. Don’t pursue one person and kill the entire nation”, he posited.

He however lamented that the protection of lives and properties of Nigerians is not in the agenda of Mr. President, which according to him resulted in the present insecurity situation in the country.

“I don’t think it is in the agenda of the present administration to protect lives and property of her citizens. To me, they are not bordered about the security of lives and properties of the citizens, they only protect themselves.

” Had any time in the history of Nigeria that people are being massacred the way it is today?. The kidnapping, and each day it keeps on increasing and no interruption, let us pray for the security, not for this present administration, but the next administration,” Ngonadi fumed

He accused the Federal Government of not involving the private sector like the chamber of commerce in the formation of its policy programmes for proper representation of the generality of the people.

” When you make policy you have to involve me, it is to see that the business of the day progresses, we can’t buy diesel #800 and use it for production, we can’t sell, I can not buy diesel and run the industry, nobody cares, the industries are shutting down and the rate they are doing the policy is affecting us, they don’t care to know how we have been getting ups and downs,” he lamented further.

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