Is Buhari Afraid Of Impeachment On Thursday…Doubts Over CBN New Policy To Flood The Nation With Dollar

The manner with which President Muhammadu Buhari is holding certain meetings now with people across the country is suffix to say the president may be afraid of impeachment on Thursday.

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This coming Thursday, is the date he agreed to honour the summon served on him by the National Assembly over worsening security challenge in the country.

The meetings with leaders, all 36 state governors despite political divides is more suspicious with the move by Central Bank of Nigeria, CBN to flood the nation with foreign currency.

The CBN on Friday last week started the implementation of its new policy on diaspora remittance.

The new policy enable beneficiaries or recipients to be paid cash with dollar and other foreign currencies over the counter in Nigeria.

Dollar is not Nigeria currency but the CBN Governor, Godwin Emefiele insisted that the new policy will stop the naira from further depreciation.

In a meeting the CBN had with International Money Transfer Operators, IMTOs and representatives of Deposit Money Banks, DMBs, Godwin Emefiele affirmed that some of the IMTOs rejected and resisted the new policy.

Governor Emefiele in defence resorted to seemingly blackmail.

Godwin Emefiele said the IMTOs have been in arbitrary operational practices with DMBs hence they have been benefiting illicitly and the refusing IMTOs want the arbitrary profit to continue.

Governor Godwin Emefiele in a press briefing last week, contradicted himself and fails to answer the true cause of dollar scarcity in Nigeria.

The governor said the apex bank in its investigation finds out that the diaspora remittance or international money transfer by people living abroad to recipients in Nigeria started with just Western Union and First bank.

Then, recipients receive dollar or other foreign currencies over the counter by cash.

He noted otherwise that the payment of dollar and other foreign currencies by cash stopped when many more Nigerians traveled abroad and that; thus resulted to scarcity of dollar and other foreign currencies.

The IMTOs and DMBs therefore resulted to arbitrary operational practices according to the CBN governor.

The statement of the CBN governor may look as if correct but it is important to note that the devaluation of the naira and the scarcity of dollar and other foreign currencies begin when many more Nigeria politicians and criminal government officials massively in larger amount started hoarding and hiding their loot in dollar and other foreign currencies.

Politicians and government officials hide their loot in dollar and other foreign currencies to avoid loss if the government chose to change the face of naira.

Banks hoard dollar and other foreign currencies for the sake of Nigeria politicians and other criminal government officials.

Some bank staff engage in illicit forex trading. They buy available dollar and other foreign currencies and sell the foreign currencies to their contracted public fund looters at exorbitant rate.

The public fund looters hardly or never return such funds to bank. They hoard it in their home.

When business owners need the foreign currencies to pay dividends or refund international investors’ money, it becomes difficult to get the dollar and other foreign currencies to make settlement.

Then the dollar become more scarce as far as the public fund looters continue to hoard the foreign currencies at home.

Many bureau de change today help public fund looters to buy available dollar and other foreign currencies.

CBN governor noted that scarcity of foreign currencies prompted the IMTOs and DMBs to start paying recipients in naira.

But the governor failed to tell the public the modalities he has put in place to avert the aforementioned occurrence.

If we are to believe that the CBN new policy on diaspora remittance is not a calculated attempt to push the dollar out for certain people for certain selfish interest.

Because many Nigeria residents who don’t have hidden agenda of using the dollar or other foreign currencies for illicit trading, will possibly prefer the foreign currency to be converted and be paid with naira at the counter. Instead of going home with the dollar cash.

Obviously ahead of the Thursday summon, today, President Muhammadu Buhari held meeting with the 36 state governors.

Surprisingly, almost all the 36 state governors according to the Presidency were physically present at the meeting held in state house, Abuja despite the Corona virus protocol and safety guild lines.

Before the governors’ meeting, the President held meeting with leaders of the ruling All Progressive Congress, APC

The participants most especially some of the governors were all smiling unendingly as if they were anointed with monetary oil.