The Neo Africana Centre (NAC), a public policy think tank, has thrown its weight behind the currency swap policy of the Federal Government, which has seen some denominations of the old Naira notes give way to redesigned ones.
The Centre said it is persuaded to back the policy following the valuable light which President Muhammadu Buhari has shed on the matter.
In a national broadcast on Thursday, President Buhari pointed out that a very high percentage of Currency-in-Circulation was outside the banking system, thereby aiding illicit financial flows and distorting financial policy and efficient management of inflation.
Under the new policy, about 80 per cent of bank notes which were hitherto kept in the private vaults of individuals and institutions, have been reintroduced into the system.
“This development will accelerate economic activities, reduce inflation and strengthen our macroeconomic activities. It will also minimize the influence of money in politics as we go into general elections next week,” President Buhari said.
NAC said that these laudable economic outcomes flowing from the new monetary policy should be supported by patriotic and well-meaning Nigerians.
It believes that any person or institution opposed to these noble objectives is an economic saboteur and should be treated as such.
The Centre also calls on Nigerians not to make themselves available to be used by unscrupulous elements to disrupt public peace.
In a statement on Friday by its Director of Public Affairs, Jenkins Udu, NAC urges Nigerians to appreciate the noble intentions of the government and understand that the policy is not directed at any person or group but an effort to stabilize the Nigerian economy.
The statement reads in part: “After listening to the president’s address on the ongoing currency swap, we are convinced more that the policy is in the best interest of Nigerians.”