The naira redesign and the new cashless policy are the handiwork of the current Governor of the Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, with the support of President Muhammadu Buhari. The naira redesign and the cashless policy are aimed to curb corruption in line with global best practices in reducing the flow of cash in the hands of the people in the society.
It is imperative to stress that what Emefiele is doing in pursuance of the naira redesign and the cashless policy has the full backing of Mr President. President Buhari had defended the CBN governor for adopting unorthodox economic models that put people at the heart of the apex bank’s policies.
Emefiele introduced the currency redesign policy in October 2022 in order to tame inflation, curb kidnap-for-ransom, currency counterfeiting, recovery of over N2.7 trillion outside the banking system, make the economy cashless and improve the battered image of the naira. There is no disputing the fact that they are the core policy thrust of the All Progressives Congress, APC, led administration.
The recent statement of leaders of the ruling party like Governor Nasir El-Rufai of Kaduna state is unfortunate. The governor’s criticism of the Buhari administration that the measures could ignite voter rejection of APC in the presidential election is political and hypocritical. The naira redesign would no doubt take Nigeria to the promised land in no distant future.
The anger and frustrations associated with the policy and the hardship being experienced by the people are the handiwork of certian elements within the ruling party. They are doing so to instigate the people against the government. It is important to commend the leadership of the Nigeria Labour Congress for refusing to call its members to embark on strike at this material time, that the election is by the corner.
The policy has its benefits as enumerated by the presidential candidate of the Labour Party, Mr Peter Obi. He said the naira redesign is not peculiar to Nigeria, it is an exercise that comes with some inconvenience and pain but it has significant long-term economic and social benefits.
Nigerians should embrace the policy of the naira redesign and the cashless policy because it will curb corruption and other social vices bedeviling the country. We have to move with the changing world in our interest.
No 2, Santuraki Close,
Demsawo, Jimeta, Yola, Adamawa state