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Naira redesign ill-conceived, may plunge Nigeria into more chaos — Kachikwu, ADC presidential candidate



Dumebi Kachikwu, African Democratic Congress (ADC) presidential candidate, has branded the biting scarcity of new Naira notes resulting from redesign of currency as ill-conceived.

Kachikwu, who stated this on Tuesday in a statement in Abuja, described the policy as a great threat to national peace.

The recent Central Bank of Nigeria (CBN) redesign of currency had thrown the country into chaos, with Nigerians lamenting its effect on their survival.
Similarly, the hoarding of the new notes by some commercial banks in the country had provoked protests in Lagos, Ondo and Ibadan.

Speaking on the development, Kachikwu insisted the CBN policy was a blatant dehumanization of the Nigerian public who had worked hard to earn their money.

The presidential candidate lamented the challenges confronting the country especially the needless scarcity of petrol.

He said: “If this is not bad enough, the most political Central Bank Governor in our nation’s history seeks to plunge our nation into further chaos. How else can one explain this ill-conceived Naira Redesign Policy that ought to strengthen the value of our currency but now threatens our very existence as a nation?

Read also:Tinubu making a mockery of Nigeria’s politics, should withdraw from presidential race —Kachikwu

“My heart broke as I watched the videos of those who stripped naked in banking halls all in a bid to collect their money. How do you speak of cashless banking in a country plagued by epileptic telecom networks and power blackouts?

“Who is deceiving who when many parts of Northern Nigeria don’t have bank branches and lack the infrastructure to support e-banking. Was this not factored into the CBN Governor’s plan?.

“Our nation is plagued by a Covid-19 induced inflation and recession like most nations but in our own case the managers of our economy have run out of ideas. How do we deal with the corruption at our ports that is at the heart of inflation in an import dependent economy.

“How do we stem the brain drain and keep our middle class happy and content in a working Nigeria? How do we defend our borders, secure our highways and protect our farmlands and how do we bring the aggrieved Igbos back to an equitable table.

“How do we repay our loans and balance our budget; how do we recreate the value of our Naira and create good paying jobs for tens of millions of Nigerians who are in despair?”

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