Rt. Rev. Christian Onyia, the Bishop, Diocese of Nike Anglican Communion in Enugu State on Saturday urged governments at all levels to focus on job creation to stem rising insecurity and terrorism.
Onyia made the call while delivering his Bishop’s Charge at the 2nd session of the 6th Synod of the Diocese at the Church of the Beatitudes, Enugu.
He noted that terrorism and kidnapping for ransom might have reduced “but it is not because of CBN’s currency redesign’’.
According to him, most of the hoodlums got busy with election activities.
“Some were engaged as thugs and hit men, while others travelled to their primary locations either to vote or to mobilise for their employer-candidates.
“This without any doubt underscores the importance and impact of employment in crime and insecurity reduction. An idle mind they say is the devil’s workshop.
“Government needs to focus more attention on job creation to engage our teeming jobless youths,’’ he said.
“It is a better strategy to combat crimes rather than spend money on almost-failed currency redesign and other frivolous and fictitious government projects and programmes.
“The 2023 Global Terrorism Index ranked Nigeria as the 8th terrorists’ country in the world with food insecurity, population and water risk as catastrophic threats facing the country.
“The 2023 Global Risks Report also identified terrorists attacks, debt crises, cost-of-living crisis, severe commodity supply crises, rapid or sustained inflation, and employment and livelihood crises as the five major risks facing Nigeria,’’ he added.
Onyia noted also that the 2023 Global Hunger Index ranked Nigeria 103 out of 121 countries worst-hit.
“As a nation, we need to deploy more resources and attention to address existential threats to Nigeria and to Nigerians,’’ he admonished.
He said while the CBN’s currency redesign and cashless economy policy achieved some of their objectives, more were not met and might not be met.
He noted that while money in circulation outside the banking system has reduced, it was more of winning the battle and losing the war.
Onyia noted that mopping up currency in circulation was to manage inflation and exchange rate crisis.
“Unfortunately, while currency in circulation was reduced from N3.2 trillion in October 2022 to N1.8 trillion in January 2023, inflationary rate increased to 21.91 per cent in February 2023 from 21.09 per cent in October 2022.
“The exchange rate increased from N740 to the dollar in October 2022 to N749 to the dollar in March 2023 at the parallel market.
At the official window, it increased from N434.78 to the dollar in October 2022 to N460.95 to the dollar in March 2023.
“The implication is that the CBN is pursuing a wrong policy to address a fundamental and structural problem facing Nigeria,’’ he said.
“The second reason anchored on the supply of clean notes has not been met in any way.
“Rather, Nigerians have been subjected to hardship like never before to the extent that most families, despite having money in their bank accounts, have become perpetual beggars.
“Nigerians are unable to access their money in the bank,’’ he added.
The cleric expressed dismay as to how a country could deepen a cashless economy without first ensuring that the needed infrastructure and platforms to efficiently and effectively implement the policy were in place.
“Banks have become more fraudulent with the CBN not doing anything to address the issues. Accounts are debited without giving credit to the intended beneficiary accounts and reversals never take place.
“Market frictions, distortions and disruptions in electronic banking services have not been addressed.
“What has the CBN done to address the issue of debits for failed transactions and delays in executing transactions caused by system failures and/or poor networks?
“Most times, it takes banks months to resolve and reverse failed transactions.
“In most cases, such transactions are never reversed. What is the incentive for electronic banking? In many urban areas, electronic transactions are greatly limited by poor bank networks, unreliable electricity and telecommunications services.
Onyia urged the CBN to fully obey Supreme Court’s ruling on the currency redesign without further delay and make cash available and readily accessible to reduce on-going hardships. (NAN)
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