As debates on the proposed redesign of the Naira rages, President Muhammadu Buhari has declared that his administration aims to check financial intimidations by unnamed politicians, who he said had stockpiled the money ahead of the 2023 general election.
The President, who spoke in London, United Kingdom, where he was receiving medical attention, vowed not to reverse the planned redesign of N1, 000, N500 and N200 notes by the Central Bank of Nigeria, (CBN).
This is as the President applauded the policy announced by the CBN Governor, Godwin Emefiele, on October 26, whereby he vowed to implement to logical conclusion
No going back, President Buhari assured of the decision to redesign the three-naira currency notes.
The introduction of the policy had generated mixed reactions, as some commentators said it will further worsen the status of the Naira against other global currencies, with Nigerians rushing to convert the local currency into Dollars, Pound Sterling and other major currencies to beat the planned effect.
The policy has already led to further fall in the value of the Naira, as more people rush to exchange the currency for the dollars and British Pound Sterling, leaving the Naira value to drop to as low as N850 to the US Dollar, because of high demands for it.
It is not yet clear how the President hopes to achieve his aims, as politicians have resorted to the use of the dollars to buy votes, in place if the local currency.
President Buhari has also assured that enough time has been given by the CBN for Nigerians to deposit the present naira notes at banks in exchange for the newly redesigned ones which will be issued by December 15, 2022.
The President also said politicians wont be allowed to mobilise resources and thugs to intimidate voters in the 2023 general elections.
