Tuesday, November 28, 2023


Akpabio: Emefiele tried to sabotage 2023 polls with naira redesign policy

Akpabio: Emefiele tried to sabotage 2023 polls with naira redesign policy
September 26
18:09 2023

Senate President Godswill Akpabio says Godwin Emefiele, immediate former governor of the Central Bank of Nigeria (CBN), tried to sabotage the conduct of the last general election with the introduction of the naira redesign policy.

Akpabio spoke on the floor of the senate on Tuesday during the screening of Olayemi Cardoso, nominee for the position of CBN governor and four deputy governor nominees for the apex bank.

In October 2022, Emefiele announced the CBN’s plan to redesign and circulate a new series of three banknotes out of the existing eight.

The redesigned N200, N500 and N1000 notes were to be in circulation on December 15, 2022. Emefiele said the old naira notes would remain legal tender until January 31, 2023.


The policy was implemented on the eve of the general election and led to the scarcity of the naira notes, which crippled the economy.

The senate president asked Cardoso if he would also meddle in politics like his predecessor.

“Adams Oshiomhole thanks for the lecture. I identify myself with you since you didn’t ask any questions, I’ll like to ask one on your behalf,” Akpabio said.


“CBN Governor, will you uphold the integrity, steadfastness – to resist when politicians come to you to join the presidential race and display your posters even as a sitting CBN Governor in political conventions?

“Will you rush to display your profile electronically at political conventions while sitting as a governor because politicians have told you that you have enough money in CBN to do it?

“Don’t forget the fact that the money in the central bank isn’t for you. Will you have the courage to resist the temptation to listen to politicians and throw your hat into the ring and go back to your office and sit as CBN governor?

“Will you rush to sabotage the election in Nigeria by going for new notes, two days to the election when no country in the world changes new notes within one year, you do your own in 14 days or 11 to see how you can sabotage the election in Nigeria?”


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