Olanipekun Faults Implementation of Naira Notes Policy

Gbenga Sodeinde, Ado-Ekiti

A Legal Guru, Mr. Wole Olanipekun (SAN), has faulted the implementation of the Naira policy by the Central Bank of Nigeria (CBN), because of the suffering it is causing the populace.

Olanipekun also called on the federal government to ameliorate the suffering on Nigerians due to the redesigned Naira notes, most especially for the people in the informal sector of the economy.

He made his position known on the matter while answering a question from newsmen last weekend shortly after being honoured as a Visiting Professor of Constitutional Law at the 7th Convocation of the Federal University, Oye Ekiti (FUOYE).

Olanipekun said that he was of the firm believe that government did not want the people to suffer but regretted that even those who have money cannot access it, thereby making such money to be useless.

Specifically, the legal icon pointed out that the people in the informal sector who are in the majority are the one which is badly affected in the country now, including those who do not have bank account such as the motherless, fatherless, taxi drivers, orphans, petty traders,  among others.

“Nigerians are suffering. Yes, people depend on some people, who are not using POS, to feed, pay school fees, and buy something to eat at home everyday.”

According to Olanipekun, “in Nigeria, those who make out the informal economy are people who are not into white collar jobs, government don’t pay them monthly, they sell, hawk their wares, the downtrodden.”

“The naira policy, the way it was initiated, I don’t want to doubt the good faith of government, but one thing is that government exist to make life easier, pleasurable, meaningful and habitable for the citizenry, that is the prime essence of government.”

“I will not say much if government says that they are doing this because, they don’t want the politics and election to be monetised. I agreed with government but the question is this: if your election and your politics are monetised, what are the security agencies doing?

“Majority of the people are suffering, the people have the money they cannot access in the bank, that money is useless.” 

Olanipekun asked: “There will be another election in 2027 and we don’t want it to be monetised. Are we going to change our currency then?”

He said that contrary to the thinking of some people, Nigeria is not ripe for a cashless economy because the downtrodden that are in the majority do not have bank accounts or access to POS (Point of Service).

“Let us be practical about our economy, what do we do to such people? Those suffering are in the majority. I don’t want to doubt the good intention of government on the Naira policy but what is the sense in having money that you cannot spend when people depend on you for survival?” he queried.