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Naira scarcity: Blame game is futile, we have to print more cash abroad, says Rewane

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2 years ago

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Bismarck Rewane, managing director (MD) of Financial Derivatives, has proffered solutions to end the scarcity of cash in the country.

Despite the naira swap policy, many Nigerians have found it difficult to obtain the new notes.

The Central Bank of Nigeria (CBN) attributed the scarcity to hoarding by citizens.

Speaking in a Channels Television interview on Friday, Rewane said the federal government needs to do damage control to ensure improved supply of the naira.

Rewane proposed that the solution should take two forms: printing more notes for an increased supply and rebuilding citizens’ confidence.

“We can talk from now to tomorrow. It doesn’t change. We are on the ground. What we need to do is damage control. Damage control means that two aspects: print more money – the mint or whatever it is – overseas to give us all of this supply and instil confidence,” he said.

“Because if you keep on moving deadlines the day when something happens, nobody comes out. So it is important. Let us not underestimate the importance of having discipline in government.”

Rewane said instead of blaming the government or policymakers, the situation on the ground needs to be addressed.

“We can blame ourselves from now till tomorrow. There is what we call false error, but for Nigeria, and I say categorically, this is set point, break point, match point, championship point. If you get it wrong now, it is over,” he said.

“I do not think blaming anybody would solve any problem right now. It’s an exercise in futility. You can blame A or blame C, the point is that the people in this country today are under pressure because the government and the policymakers are under pressure as to their credibility.

“Let’s fix that rather than blaming people. Then it becomes a lynch mob.”

Speaking further, Rewane said the government must establish a culture of meeting its deadlines.

He said the effects of the current cash scarcity cannot be reversed, adding that “all you have to do is to absorb it”.

“Thank God the elections are only 16 days away between now and then. Maybe they would have put enough money into the system and we have not damaged the economy,” he said.

He said it is important for governments to ensure that the credibility of governance is preserved.

“When governments make pronouncements and give deadlines, they must be obeyed and that is the important thing,” he said.

“The moment you have a situation where you keep on changing the frequency, what you will have is anarchy because nobody will believe you anymore.”

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Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

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17 hours ago

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November 25, 2024 1:29 pm

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The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.

The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.

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Business

Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers

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19 hours ago

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November 25, 2024 11:01 am

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The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.

This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.

The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.

Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.

“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.

“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.

“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”

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Business

Allegation of missing fund untrue, says Access Bank

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21 hours ago

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November 25, 2024 9:16 am

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Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.

The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.

“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.

“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.

“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.

“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.

“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.

“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.

“We remain committed to serving our customers.”

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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