CBN naira redesign policy senseless, says Oshiomhole

A former national chairman of the ruling All Progressives Congress has taken a swipe at the Central Bank of Nigeria over its naira redesign policy, saying the policy is “senseless”.

The former Governor of Edo State stated this on Sunday night while fielding questions on Channels TV’s ‘The 2023 Verdict’ monitored by our correspondent.

Oshiomhole, who said change of currency was not a new phenomenon, faulted the CBN’s approach in undertaking the naira redesign currency.

“There was no consultation, not even within the government, at least the Minister of Finance cried out and she warned that there could be economic consequences arising from this decision,” he said.

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He added that it was not enough to claim to have acted within the law or have the legal powers to do certain things, “but we’re taught in basic leadership that whoever has power should pray for wisdom. And with wisdom you will recognise that (with) a population of 200 million people, you can’t change policy overnight like you change from generator to NEPA and vice versa.

“But even worse is that you want me to change my old clothes by fire by force. I’m willing to do so… You told me to remove the old clothes that I’d need a new one. I’ve removed the old clothes but the new ones are not available, and you leave me naked. And then you tell me that I can’t take more than N20,000 from my own money, in a country in which…in part, because of the CBN monetary policies, which have led to massive devaluation, a bag of rice in naira terms costs N30,000. So, if you spend N35,000 or N30,000 to buy a bag of rice, CBN has a policy that says you can’t take more than N20,000, that is where the ATM is working. Which means you will have to queue all day to take money enough to pay for half a bag. And if you need a whole bag, you have to queue another day to raise N40,000 to buy a bag of rice…this is not sensible.”

Commenting on the fracas between some soldiers and some students of the University of Benin over the weekend over cash withdrawal as an Automated Teller Machine point within the campus when the soldiers tried to jump queue, and lamenting the absence of banks in some local government areas in Edo State, for example in Okpela where, according to him, there are two giant cement factories, the ex-governor of Edo state said the CBN redesign policy was senseless.

“I am shocked that the CBN could pursue this senseless policy. And let me be clear when I say senseless. It’s not about the idea of changing currency; this (CBN) governor has broken no new grounds, because we have changed currency before, and I dare say check the records.

“When General Buhari (the President, Major General Muhammadu Buhari, retd.) changed he colours of the naira when he did in his first coming as military Head of State, he did not forbid the banks from paying people in new notes. He did not impose restrictions as to how much you can withdraw, provided it is your lawful money. To assume that every Nigerian is corrupt…and that this policy is meant to check corruption; the CBN is not part of the institutions charged with the responsibility of ensuring free, fair and credible elections. That is not in the Act establishing the CBN.”