The body blamed the poor economic management policies Emefiele as responsible for poor performance of Naira against major global currencies.
This was contained in a statement on Sunday by NYCN President, Comrade Solomon Adodo.
According to Comrade Adodo, statements credited to the CBN governor alleging that the current free-fall of the Naira against other major currencies was as a result of the non-remittances of dollars to the foreign reserve by the NNPC Ltd was faulty.
He said without highlighting the reality of the causative oil and non-oil related factors, including a drop in Nigeria’s crude oil production, growing petrol subsidy, an unsustainable dual exchange rate system, reduction in foreign direct investments and growing dependence on importation across many sectors of the economy was disingenuous and unpatriotic.
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The NYCN boss said Emefiele has completely failed to concentrate on his core mandate of price stability as the apex bank’s governor.
Adodo noted that with inﬂation at about 19 percent and the exchange rate nearing N800 to a dollar, the CBN governor should be held responsible for deepening poverty in the country as he continues to work at cross-purposes with President Muhammadu Buhari’s objective of reducing poverty and growing the economy.
He said the NYCN is shocked by the comment of the Governor associating the free-fall of the parallel market rates to NNPC, even though it is purely a monetary policy issue and outside the purview of the NNPC.
“As a youth group, we have noted that the inability of the CBN to promptly release Joint Venture (JV) cash call funding from the Treasury Single Account (TSA) even when the Nigeria National Petroleum Company (NNPC) Ltd had adequate cash cover, leading to the loss of JV Partners’ conﬁdence to restore production and reap the beneﬁts of today’s improved oil prices.
“We are in the know that for over three months now, dollar-denominated cash call payments amounting to over $400 million, properly processed, are yet to be paid by the CBN under Mr. Emeﬁele.
“The combined impact of CBN’s inability to promptly release JV cash call to restore production, the increasing losses due to crude oil theft, and production deferments has culminated in signiﬁcant crude oil output losses of over 600, 000 barrels per day.
“We are taken aback that Mr. Governor is feigning ignorance that the country’s rising petrol subsidy cost, as well as the rising cost of external debt servicing, are all obligations aﬀecting the economy. These aﬀect the NNPC’s remittances to the Federation Account.”
“History shows that Mr. Emeﬁele is at sea on addressing monetary policy issues. We recall that in 2021, the CBN governor blamed Aboki FX for the depreciation of the Naira. He would later blame members of the Association Bureau De Change, which led to the stoppage of dollar sales to the group. At another time, he blamed the Naira’s depreciation on activities of money laundering, terrorism ﬁnancing as well as politicians.
“Furthermore, Nigerians are bearing the brunt of the inaction of the CBN Governor as the Emirates Airlines, the ﬂag carrier of the United Arab Emirates (UAE), has reduced its ﬂight operations to Nigeria over the inability of the CBN to repatriate about $85 million in revenue. Was the failure to repatriate Emirates funds also caused by the NNPC?
“From all indications since his failed presidential bid as well as his rejection by the All Progressives Congress, a partisan Emeﬁele has been doing all to rubbish the achievements of President Muhammadu Buhari and this should no longer be permitted.
“As Nigerians concerned about the future of this country and before Mr. President heeds our clarion call to send Mr. Eemeﬁele packing from the CBN, we advise that the CBN considers among other options the World Bank’s recommendation of adopting a single market-responsive sustainable exchange rate, improving access to forex through well-deﬁned periodic forex auctions, and signaling a renewed commitment to price stability as a primary goal of the apex bank.
“The NYCN further expresses the optimism that the NNPC’s transitioning into a limited liability entity in line with the provisions of the Petroleum Industry Act (PIA), and its regulation now in line with the provisions of the Companies and Allied Matters Act (CAMA) would help resolve cash call payments delays as the company is now exempted from TSA, among others.”