Tinubu decries implementation of naira redesign, to review policy

President Bola Tinubu said on Monday his government would review the policy on the redesign of the naira notes initiated by the Central Bank of Nigeria (CBN).

Tinubu, who stated this in his inaugural address after taking the oath of office at Eagle Square, Abuja, lamented that the apex bank harshly implemented the policy despite the large unbanked population in the country.

The naira redesign initiated by the CBN in October last year caused serious hardship in the country before the Supreme Court intervened in March and pushed forward its implementation till December 31.

The president said: “Whatever merits it had in concept, the currency swap was too harshly applied by the CBN given the number of unbanked Nigerians.

“The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender.”

READ ALSO: Tinubu promises house cleaning in Emefiele’s CBN

Tinubu ‘s comment didn’t come as a surprise to many as he criticised the policy in January.

The president, who addressed the All Progressives Congress (APC) supporters in the weeks leading to the February 25 election in Abeokuta, Ogun State, said the policy was initiated to sabotage the election and limit his chances at the poll.

“They have started coming up with the issue of ‘no fuel’. Don’t worry, if there is no fuel, we will trek to cast the vote.

“If you like increase the price of fuel, hide the fuel, or change the ink on the naira notes, we will win the election. They don’t want this election to hold.

“They want to sabotage it. Will you allow them?,” he told his supporters at the time.

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