Tag Archives: Naira Scarcity CBN

Falana-led ASCAB frowns at fuel, naira scarcity, sparks nationwide protest.

The Alliance on Surviving Covid-19 and Beyond (ASCAB) has condemned the ongoing scarcity of petrol and new naira notes across the country.

The group, in a statement signed by its interim Chairman, Femi Falana, on Monday, said the currency and fuel crises constitute a great challenge to economic survival of ordinary Nigerians.

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The group threatened a nationwide protest if the Nigerian government failed to proffer an urgent solution to the crises.

Falana tasked pro-democracy organizations to wade in to save the country of possible anarchy, state terrorism and arbitrary repression of the masses.

He also charged the Nigerian government to prosecute anybody found hoarding the new naira notes and making life unbearable for ordinary Nigerians.

READ ALSO: Terrorism: Falana decries Emefiele’s absence from Nigeria, demands arrest on arrival

The statement read: “The Federal Government has unleashed untold hardship on the masses of Nigeria by the unprecedented scarcity of the Naira, fuel scarcity and skyrocketing rise in fuel prices. Fuel and currency scarcity is inexplicable and unacceptable.The Federal Government has shirked its obligation to guarantee the security and welfare of the Nigerian people as provided under Section 14(2)(b) of the Constitution of the Federal Republic of Nigeria, 1999, as amended.

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“Sporadic peaceful protests have erupted throughout the country expressing the deep displeasure of the masses.There is an urgent need for leading human and pro-democracy organisations to provide leadership in canalizing the energies and anger of the masses in order to give the protests direction and prevent anarchy, state terrorism and continued arbitrary repression of the masses.

“Since it is now clear that enough Naira notes have not been printed the Central Bank should allow the old and new Naira notes to be legal tender in Nigeria. This suggestion is in line with Section 22 of the Central Bank Act which permits the replacement of old currency notes with new ones after the deadline fixed by the CBN.

“Meanwhile, officials of the CBN and other banks involved in hoarding or selling the new currency notes should be prosecuted to serve as a deterent to other economic saboteurs.

“The soldiers who unleashed violence on the students of the University of Benin as well as trigger happy troops who murdered a young man and injured several others at Ibadan, Oyo State should be arrested and prosecuted without any delay.

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“The currency and fuel crises constitute unprecedented challenge to economic survival of ordinary people that may threaten the 2023 elections which provide an opportunity for the people to choose a party considered to be representative of their aspirations.

“Unless the twin crises of fuel and currency scarcity are immediately resolved within the timeline given by the President, ASCAB has resolved to call on the Nigerian people to commence series of peaceful mass actions in their communities to resist the unjustifiable economic hardship which may compel postponement of the forthcoming elections as INEC has hinted.

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“If the Federal Government fails to resolve the twin crises of fuel and currency scarcity before February 10, 2023 the country will witness nationwide peaceful mass actions by the Nigerian people.”