TheCable

Abdulsalam Zaura, a chieftain of the All Progressives Congress (APC), has attributed the poor performance of the party in Kano during the 2023 elections, to the naira redesign policy.

Speaking with journalists in Abuja on Thursday, Zaura said the economic hardship that accompanied the policy turned many voters against the party.

Zaura, who contested the Kano central senatorial seat on the APC platform, said the party would have won the governorship and presidential election in the state if not for the naira redesign policy.

“As a party in power, there are certain things you cannot do to people when you are approaching such period of elections,” he said.

“For example, it was at the same period that we were approaching the election barely three weeks that they defaced the naira.

“The Central Bank of Nigeria (CBN) changed the colour of naira and there was no availability of the new notes.

“People slept in petrol stations, others at ATMs just to get money and then the opposition parties would come out and tell them this is APC.

“Do you still want to vote for APC? No, you do not expect to win the election in such calamity coming after you.

“You have N100,000 or N20,000 in your account and you cannot get access to N1 or N100 to eat.

“In the place where I contested the election, for a period of two years where I campaigned, no single person raised a voice against the APC.

“Anywhere I passed people adored me, adored APC, people cheered us, people came out to wave, and some even shed tears of joy.

“And when people turned, you defaced money and you put people in serious hardship and you expect them to go for the same party.”

A CONTROVERSIAL POLICY

In October 2022, Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN), announced the plan to redesign N200, N500 and N1000 naira notes to control money supply and aid security agencies in tackling illicit financial flows.

The redesigned naira notes were unveiled on December 23, 2022.

The deadline for the implementation of the policy was fixed for January 31, 2023, but it was further extended to February 10.

The implementation of the policy led to a cash crunch across the country.

In February, some states, including Kaduna, Kogi, and Zamfara, sued the federal government over the implementation of the policy.

Five days later, the supreme court restrained the CBN from giving effect to the deadline on the use of old notes following an ex parte application brought by the three states.

In November, the supreme court ruled that old naira notes will remain legal tender indefinitely.