Time To Consider A Review

THE governor of the Central Bank of Nigeria, Godwin Emefiele has so far ruled out a review of the sugges on to extend the deadline for the exchange of old currency notes. He has the preroga ve and the statutory powers to do so.

The country is in a quandry because of the special posion of the central bank. Like that of the judiciary the independence of the. Central Bank must be jealously guarded, preserved and strengthened. A key lesson in contemporary history is that price stability is crucial, indeed vital for the preserva on of democracy. The catastrophic march into and consolida on in the office of Adolf Hitler for example would not have occurred without a currency collapse. This is why the naonal legisla ve body must at this precipitous moment in the history of the na on seek an accommoda on what in the French poli cal arrangement will be referred to as. a “cohabita on “ with the authori es of the. Central Bank to iron out areas of differences in the na onal interest. Threats centered on issuing. arrests warrants to central bank officials should stop. Our situa on is already too precarious on so many fronts.

Nevertheless, discre on is the soul of valor. With just a few days to go to the end of the exercise, it is clear that there are problems with the project management of the exercise. We care to recall that the currency was changed during the civil war and it was seamless. Given the rudimentary state of technology at the me this now appears like an outstanding achievement which it was. The exercise had to be cloaked in secrecy and was an ambush of the rebel forces.

Intellectual honesty compels the ques on that in view of the state of technology