I have never been a Fan of the CBN Governor, Godwin Emefiele and after listening to his BLAME GAME. It clearly shows he’s lost control of Monetary Policy and can no longer serve the needs of 200 Million Nigerians.

As it is, I expect him as CBN GOVERNOR to salvage the Naira by taking these immediate steps:

1. Withdraw 200, 500 & 1000 Naira denominations from circulation making them illegal tenders under a 90 days window. N100 becomes our highest denomination as a Nation. Politicians who have stacked up these denominations outside the banking system would be forced to put the same back into the financial systems.

1. Limit cash withdrawals in banks to N100,000.00. Everyone is forced to do transactions on the electronic platform via NIBSS/REMITA etc

1. Allow for a 90 days window for Nigerians with FX in Cash form to deposit the same into their Bank accounts.

1. Ask for a Presidential Executive Order that makes it criminal for Nigerians to possess or trade-in FX Cash and that going forward all FX transactions in Nigeria must be electronically exchanged.

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4. Enhance NFIU by employing Nigerians who are financial data intelligence Analysts to track Naira/dollar movements cos funds always have a Source and a Termination point.

1. Mop up the excess liquidity generated from the withdrawal of these denominations by floating 5 and 10-year bonds which can be used to fund fiscal deficits of the FGN as expenditures continue to run riots against our revenues.

This offers us succour rather than borrowing externally to keep our Capital account in sync under BOP.

1. Deploy new Algorithms/ Machine learning programs within NFIU that on their own would generate reports on suspicious transactions rather than rely on man-made generated reports. These reports would be sent directly to investigating institutions.

Politicians whose fiduciary responsibility is not to 200 million Nigerians would come up with arguments against this that it would affect the poor.

These initial steps would do the following for Nigeria:

— Increase liquidity in the financial systems,

— Naira/Dollar manipulations by black market speculators would automatically seize

• • Interests rates will drop further thereby strengthening the Naira against the Dollars.

— Our Capital market would witness a surprise upwards fund injection from Local Direct Investments.

— Corruption will be prevented by as much as 50%.

— Discourage banditry and other forms of kidnapping for cash ransom cos these vices are heavily dependent on cash. A lack of cash would cripple their operations.

— Put Nigerian politicians at a disadvantage ahead of 2023 cos Vote for Cash would reduce by as much as 70%.

— Reduce the cost of printing and maintaining multi-coloured cash denominations of our 200, 500 and 1000 and put such monies into infrastructural developments of our infrastructure and improving access to water, food and Energy for every Nigerian.

Should I also say It took Punch Newspapers investigative expose for the CBN to stop dollar sales to BDC operators and the efforts of the UAE authorities who published a list of terrorist financiers of Boko Haram in Nigeria for the CBN to be reminded that Abokifx was existing in the last 6 years of his tenure as Cenbank Governor and was responsible for making the Naira depreciate against all other currencies of the world.

………Wolf…….
Seal Team 6 of FINANCE Axe & Scofield Capital