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Akeredolu urges Buhari to rethink naira redesign policy




The Ondo State Governor, Rotimi Akeredolu, on Saturday urged President Muhammadu Buhari to take a second look at the policy on the redesign of naira notes in the interest of the citizens.

The redesign of the naira notes initiated by the Central Bank of Nigeria (CBN) in October last year has been plagued by crises, including the scarcity of the currency and disputes over the deadline for the withdrawal of old banknotes from circulation.

In a statement issued by his Chief Press Secretary, Richard Olatunde, the governor faulted President Buhari on the old naira notes.

The president had in a nationwide broadcast on Thursday extended the validity of the old N200 notes till April 10.

He, however, declared that the old N500 and N1000 notes had ceased to be legal tender effective from February 10.

In the statement, Akeredolu insisted that those who advised the president on the policy were mischievous.

He urged Buhari to rethink the policy because it was unpopular, fruitless, and counter-productive.

Akeredolu also appealed to the president to allow both the old and new naira notes to co-exist until such a time when normalcy returns to the country as a fitting parting gift for Nigerians.

The statement read: “The crises engendered by the policy of the Central Bank of Nigeria to redesign some currency notes, threaten to disrupt, not only the forthcoming general election. The events of the past days, culminating in the intervention of the apex court in the land, and the increasing gale of violence sweeping through the country, portend serious danger to the current democratic governance.

Read also:Like three other govs, Akeredolu drags Nigerian govt to S’Court over naira withdrawal limits

“ Consequently, this period invites all patriots to speak out with a view to proffering practicable solutions and not project cheap partisan interests.

“I use this opportunity to appeal to the President to play the role of a statesman at this crucial moment. It is apparent that the crises, which the current policy on currency swap has created, continue to spiral menacingly.

“There is incontrovertible evidence bordering on miscalculation, error of judgement, and/or disinformation on the part of the policymakers, especially the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, on the failed implementation of the policy, the effect of which compels the whole country to groan, immeasurably, at present.

“There is hardly anyone who contends with either the statutory functions of the Central Bank of Nigeria or the occupier of the office of its Governor, one of which is the monetary policy. It is also not debatable that the President and the Commander-in-Chief of the Armed Forces of Nigeria is empowered, under our law, to exercise certain executive power.

“ It can, however, not be the original intendment of the drafters of the relevant statutes that the implementation of any policy should occasion widespread hardship and pervasive agony in the land.”

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