The Naira Redesign Controversy
The shocking revelation by a former Central Bank of Nigeria (CBN) director that the immediate past governor, Godwin Emefiele, printed a different design of the naira from the one approved by former President Muhammadu Buhari is a damning indictment of the state of institutions in Nigeria. This brazen act of defiance not only undermines the authority of the nation’s highest office but also calls into question the integrity of the entire monetary policy process.
The naira redesign exercise, which was initially touted as a measure to curb money laundering and counterfeiting, has been marred by controversies and allegations of impropriety. The fact that Emefiele allegedly disregarded the approved design, including crucial security features like the QR code and the positioning of the portrait, raises serious concerns about the motives behind his actions.
This revelation highlights the deep-rooted culture of impunity that has permeated Nigeria’s institutions, where those entrusted with power and authority seem to operate with little regard for the rule of law or established protocols. It is a stark reminder of the challenges the country faces in its quest for good governance, transparency, and accountability.
The role of the House of Representatives in addressing such flagrant violations of due process cannot be overstated. As the legislative body responsible for oversight and checks on the executive branch, the House should take decisive action to investigate this matter and hold those responsible accountable for their actions.
However, the effectiveness of the House of Representatives in fulfilling its constitutional mandate has been called into question time and again. The recent revelations surrounding the Nigerian Electricity Regulatory Commission (NERC) and its approval of tariff hikes, despite widespread opposition from labor unions and manufacturers, further underscore the perceived disconnect between regulatory bodies and the interests of the Nigerian people.
Similarly, the alleged disregard for the President’s directives by the CBN governor raises doubts about the ability of the executive branch to exercise effective control over agencies and institutions under its purview. This breakdown in the chain of command and adherence to established protocols is a breeding ground for corruption, mismanagement, and the erosion of public trust.
The need for a robust and independent legislative body to serve as a check on the excesses of the executive and regulatory agencies cannot be overstated. However, the House of Representatives itself has been plagued by allegations of corruption, inefficiency, and a lack of genuine commitment to the principles of good governance.
For the House to regain its credibility and effectively fulfill its constitutional mandate, it must undergo a fundamental transformation. This requires a concerted effort to root out corruption, foster transparency, and prioritize the interests of the Nigerian people over personal or partisan agendas.
Furthermore, the House must demonstrate its willingness to hold all institutions, regardless of their stature or influence, accountable for their actions. This includes investigating CBN governor, as well as scrutinizing the rationale behind the NERC’s tariff hike decisions and their impact on the Nigerian populace.
Ultimately, the naira redesign controversy is a symptom of a deeper malaise afflicting Nigeria’s institutions – a culture of impunity, lack of accountability, and the prioritization of personal interests over the greater good. Addressing this issue requires a comprehensive overhaul of the nation’s governance structure, fostering a renewed commitment to the rule of law, transparency, and the separation of powers.
The Nigerian people deserve better than the current state of affairs, where those entrusted with power seem to operate with impunity, disregarding established protocols and the interests of the masses. It is time for the House of Representatives to rise to the occasion, demonstrate its independence, and hold all institutions, including the executive branch and regulatory agencies, accountable for their actions.
Only through a concerted effort to strengthen the country’s institutions and uphold the principles of good governance can Nigeria hope to overcome the challenges it faces and chart a path towards sustainable development and prosperity for all its citizens.
Reference
Emefiele printed ‘his own Naira’, ignored design approved by Buhari – Ex-CBN director published in daily Post