The CBN Governor promotes policies that are detrimental to young entrepreneurs and stifles the growth of young people.
New York – We have looked with utter surprise and astonishment as the CBN governor Godwin Emefiele, relentlessly wages war on young Nigerian entrepreneurs. A financial war that, if care is not taken, will push young entrepreneurs towards an unbearable precipice.
The manner in which the CBN governor treats young entrepreneurs is as if these young vibrant people are responsible for the downward spiral of the economy and hence needs to be punished. Businesses of young professionals are dying as our economy is going down by the day. All is not well with Nigerian Young Professionals.
On the 13th of April 2015, the Central Bank of Nigeria, sent out a notice to all financial institutions without warning that “with immediate effect,” the withdrawal limit from Naira debit cards abroad will be reduced to $300/day to a total of $50,000/year from where it was previously at : $900/day and $150,000/year. This circular defies logic. The Bankers Committee of the CBN had met a week prior and said that they needed to support the stability in the foreign exchange market and as such they would limit the use of naira debit cards. The CBN must realize that limiting the naira use of debit cards isn’t going to stabilize the forex. There are other concrete steps that must be taken. The CBN also unilaterally banned the deposits of foreign currency into domiciliary accounts. How then will Nigerian Young Entrepreneurs do businesses abroad?
A central bank cannot impose such an arbitrary and capricious circular on its citizens without just notice and due process. The circular went into effect the moment the public found out about it. Who does that? Are these people professionals? Has the CBN actually looked into the reason for the fall of naira against the dollar? From this circular, the CBN is simply saying that young entrepreneurs are to blame for the Crash of the Naira.
The CBN cannot punish young people for the bad decisions made by some cabal. Mr. Godwin Emefiele has always protected the big banks against the masses. The CBN has not reign in banks that charges higher fees to its customers. In fact we cannot ascertain anything good the CBN governor has accomplished for the masses. Since he took over as CBN governor, the forex market has been in disarray, the naira has crashed times without numbers and we wonder what is next.
Before the CBN drives the financial market into the abyss, we are asking that the governor changes course or step down for a more competent person who will have the interest of the masses at heart and not pursue policies that promotes income inequality.
Our call for his immediate resignation is further premised on his blatant and deliberate refusal to intervene in the reduction of high interest rates after many appeals for this which are fraudulently imposed by commercial banks in Nigeria only because he belongs to the same cliques of brutal capitalist scavengers that have milked Nigeria’s economy dry for their own selfish agenda. Emefiele has also proven to be an unfriendly SME CBN governor by his actions and body language and the greatest victims are the Nigerian Young Entrepreneurs. You will recall that Emefiele emerged CBN governor from Zenith bank, an SME unfriendly bank that rarely supports the development of SMEs in Nigeria.
We are happy that the Senate has already invited him about the going down of our economy and wish to call on President Buhari to urgently intervene. We, hereby, make this call for his immediate resignation or sack. Failure of which we will mobilize all Nigerian Young Professionals in the United States for a peaceful protest in front of the White House.
Nigerian Young Professionals Forum