The presidential candidate of the Action Democratic Party (ADP), Mr. Yabagi Sani, has faulted the naira redesign by the Central Bank of Nigeria.
Following the introduction of the redesigned N200, N500, and N1,000 notes by the apex bank, Nigerians have continued to experience nationwide scarcity of the naira.
Speaking during an interview on Channels Television’s The 2023 Verdict, Sani said the monetary policy was the machinations of those against the country’s democratic structure.
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“It is only the enemies of the state that will introduce this kind of thing so that elections will not take place or when it takes place, it takes place under a situation that you can’t guarantee free, fair and credible election,” he said.
“I don’t know which country changes her currency within two weeks. In other climes, you allow the thing to go on and seamlessly, people are not taken into any difficulties. This is completely bad, the timing and everything you want to talk about it.
“You don’t dislocate their businesses when they are battling with poverty, insecurity and you now come and add this draconian law that has no meaning in terms of what you want to achieve.”
According to him, the apex bank should have properly disbursed money to commercial banks across the country before coming up with the policy.
When asked how long it will take the CBN to mint sufficient currency to go around, he said he doesn’t know, but the timeframe should not take more time.
Sani’s remarks come barely two days after the presidential candidate of the Labour Party, Mr. Peter Obi, urged Nigerians to bear with the Federal Government and the Central Bank of Nigeria (CBN) over the redesigned naira notes.
He stated that currency redesign is not peculiar to Nigeria, adding that the policy comes with some pains but has benefits in the long term.