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Naira redesign policy may create crisis that can jeopardise polls, says reps panel

Naira redesign policy may create crisis that can jeopardise polls, says reps panel
February 17
18:19 2023

A house of representatives ad hoc committee says the naira redesign policy may create a crisis that could jeopardise the elections.

In a statement on Friday signed by Alhassan Doguwa, chairperson of the ad hoc committee on naira re-design and naira swap policy, the committee said the policy is unpopular and should be reviewed.

The committee had, on Thursday, met with President Muhammadu Buhari at the presidential villa on Thursday after his national broadcast.

In the televised address, Buhari said he has directed the Central Bank of Nigeria (CBN) to extend the validity of old N200 notes till April 10.


The president also said all existing old N1,000 and N500 notes will remain redeemable at the Central Bank of Nigeria (CBN) and designated points for 60 days.

The committee said the “steps taken so far by Mr President leave much to be desired”.

“The policy is at this time very unpopular and is capable of creating a crisis in the country that could jeopardise the upcoming general elections,” the statement reads.


“Mr President may of course had good intentions in using the policy to tackle insecurity, reduce corruption and engender the global best practice in fiscal policy management but unfortunately due to wrong timing, and the work of some criminal elements in both the CBN and the commercial banks, Nigerians are left suffering.

“We also urge Nigerians to continue to be calm and pursue their lawful businesses within the ambit of the law as we will continue to explore available opportunities to make sure that government does only what is right and in the overall interest of our people.


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