CBN currency recycling scam is economic and financial terrorism —APGA

Posted by News Express | 3 June 2015 | 2,556 times

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The All Progressives Grand Alliance (APGA) has expressed shock over the money recycling scam following routine ‘briquetting’ exercises at the Ibadan Office of the Central Bank of Nigeria (CBN).

“APGA is alarmed that officers of the banking system compromised an exercise by the Central Bank of Nigeria (CBN), meant to mop up mutilated and defaced higher denomination currencies from circulation, to combat inflation. Here, instead of destroying the currencies, they allegedly recycled the notes and substituted them with newspapers neatly cut to naira sizes. Eight (8) billion naira, already audited out of the system, and thought to be out of circulation because they were dirty and dreary, are still in the financial system!” APGA said in a statement issued this afternoon in Abuja by its National Publicity Secretary Okwukwe Ibiam.

According to APGA, “This is pure economic sabotage in the highest degree. A very treasonous act by the banking officials who ought to know better. Underhand actions which already are weakening the economic system as excess unaccounted for funds pollute our economy.

“And we wonder why our Nigerian economy continues to hemorrhage. It is not all about NNPC! When eight (8) billion naira, supposed to have been destroyed, continues to find its way back into the economic system, it reveals nothing but a deliberate, planned and malicious attack on our national economy. It is Economic and Financial Terrorism. The culprits may not plead ignorance, secondary to their selfish intentions.

“It is pure subversion when 22 Nigerians, at the last count find a way to tinker with eight (8) billion naira belonging to the Central Bank, our central purse. What is more painful is that, Hundreds of thousands of Nigerians graduate from our Tertiary institutions without jobs, secondary to limited financial resources for remuneration. Most even die at the job fair. At the last check, most Nigerian State Governments owed staff up to 6 months backpay. However, 22 Nigerians find a way to mess with eight (8) billion naira? Unfair. Very Unfair.

“When dirty Naira notes which were deemed destroyed, find themselves back in the national economy, it is nothing but sabotage. When the prices of goods already abundant in the marketplace, increase in monetary value without any basis for such increase, other than pure ostentation, it is sabotage. When the national currency loses its visual appeal secondary to an inferior, abnormal presentation, something is wrong. When mid-level staff in branch offices begin to demonstrate affluence beyond their salaries, something is wrong, somewhere.”

APGA said that Nigerians owe a civic responsibility for the greater good of the nation to report actions which may undermine the Nigerian State. “Saboteur actions are not limited to ethnic agitations against the state. The state of the Nigerian economy bears vigilance from all. The Nigerian who reported this to authorities must be commended. APGA applauds this whistleblower. Nigerians are beginning to live up to their civic responsibilities,” the party said.

It added: “Our new President has just been handed a platform to demonstrate his disgust for corruption. We would hope he does not shirk this responsibility.”

•Photo shows APGA National Chairman, Sir Victor Umeh.

Source: News Express

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