CUPP alleges scheme by lawmakers to scuttle Naira redesign

The Coalition of United Political Parties (CUPP) has raised the alarm over an alleged move by the House of Representatives to scuttle the redesign of Naira recently announced by the Central Bank of Nigeria (CBN).

CBN Governor, Godwin Emefiele, had in October announced the apex bank’s resolve to redesign Naira denominations from N100 to N1000.

He argued that the policy was, among other reasons, targeted at controlling currency in circulation and curb face currency and ransom payment to kidnappers and terrorists.

In a statement issued by its spokesperson, Ikenga Imo Ugochinyere on Monday, CUPP alleged of a scheme by lawmakers to stall the policy through a Currency Change Procedure Amendment Bill.

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It also accused politicians of attempts to frustrate the policy in order to use their illegally stored cash to rig elections next year.

The statement reads: “The redesigning of the naira currency policy is a welcome one and has come to stay for the clean-up and development of our electoral processes.

“The CUPP maintains that those who have looted Lagos state treasury over the years and now own naira warehouses now want to use the stashed cash to buy power into Aso Rock just the way they purchased their party’s presidential ticket.

“The coalition also called on the Senate not to concur in passing the Bill and also urged the president where in the unlikely event the National Assembly members betray the people, not to sign the bill into law.

“The godfathers behind this bill have made handsome provisions to procure the support of majority of the members of the National Assembly”, the group stated.

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