Political implications of the Central Bank of Nigeria’s naira redesign policy — Obaseki

Ibekimi Oriamaja Reports

Edo State Governor Godwin Obaseki has described the Central Bank of Nigeria’s (CBN) decision to redesign the N200, N500, and N1,000 notes as a political agenda.
Obaseki made the remarks at the Presidential Campaign Secretariat in Benin City, Edo State, while launching the Edo State Peoples Democratic Party Women Campaign Council.

“How can we sit down?” he asked. They advise us not to bring our naira and hand it over again. That they wish to alter it. Is this our top priority? How does a change in currency affect the market price of food? They say they want to change Nigerian currency; what is the current value of the dollar? They should have left us our money.

“They now say they want to change it. We are unable to purchase dollars. I work as an economist. I can assure you that the Federal Government’s and the Central Bank of Nigeria’s policy is without foundation. It has no foundation. This is entirely political in nature.

“When a currency is changed in such a reckless manner 30 days before an election, all that can be deduced is that it is purely political.” There is no pressing need to change our currency today.”

He stated that the urgency in redesigning the naira should be focused on feeding the nation and managing the country’s foreign exchange rate. “The urgency for us is how to get food for our citizens so that we can end the land’s starvation.” The pressing issue is how to maintain monetary policy discipline so that we can manage our foreign exchange rate because we are so import dependent.”