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.
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.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
Students suffer as contractors abandon Kano school projects after receiving over N70m
In 2019, to improve the condition of public schools in Kano State, the Federal Government disbursed millions of naira to...
SPECIAL REPORT: World Bank road projects go bad in Enugu, as state govt fails to fulfill promise
Counterpart funded road projects between the world Bank and Enugu State government have started to fail, as the state government...
INVESTIGATION: How N70m road construction created more hardship for Sokoto residents
“To address recurrent accidents on Gagi to Gidan Dilo road and Fakon Idi roads, in Sokoto State, the Federal Government,...
INVESTIGATION: Inside Kwara school where students are used as labour on teachers’ private farms
In this report, SHEREEFDEEN AHMAD uncovered how young students in Kwara State, Nigeria, are being used for labour work on...
INVESTIGATION: How Kano SUBEB awarded contracts to inactive contractors, non-existent schools
In an effort to address issues hindering quality education, the Kano State Government in 2020 awarded N88,406,667.10 for the construction...