By Usman Santuraki
The naira redesign and the cashless policy were the handiwork of the current Governor of the Central Bank, Mr Godwin Emefiele, with the tacit support of President Muhammadu Buhari. And the essence of the naira redesign as well as the cashless policy were made to curb corruption and follow what is obtainable now globally in reducing the flow of cash in the hands of the people in the society.
It is imperative to stress the point, that what the Governor of Central Bank is doing in pursuance of the naira redesign and the cashless policy has the full backing of President Buhari; it is on record that the president had defended the CBN governor, Mr Emefiele, for adopting unorthodox economic models that put people at the heart of the apex bank’s policies.
The CBN governor introduced the currency redesign policy in October 2022 in order to tame inflation, curb kidnapping for ransom, counterfeiting, recover the over N2.7 trillion currency outside the banking system, make the economy cashless, as well as 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-led administration whether one agrees or not.
The recent statement of leaders of the ruling party like the Governor Nasir el-Rufai of Kaduna State, who publicly criticised the decision of the Buhari administration to redesign the naira and mop it up in a very short period, saying the measures could ignite voter rejection of APC in the presidential election is just political and hypocrisy.
The policy and the naira redesign would no doubt take Nigeria to the Promised Land in no distant future.
The palpable anger and frustrations associated with the current naira redesign and the hardship being experienced by the people is the handiwork of certian elements within the fang of the ruling party. They are doing so in order to instigate the people. It is important to commend the leadership of the Nigeria Labour Congress for saying, that it will not call it members to embark on strike at this material time, that the election is by the corner.
The policy has it benefits as enumerated by the presidential candidate of the Labour Party, Mr Peter Obi, who said, that the naira redesign is not peculiar to Nigeria. It is an exercise that comes with some inconveniences and pain, but it has significant long-term economic and social benefits.
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Therefore, this policy was conceived by the CBN Governor Emefiele, who was reappointed by the present administration of President Buhari and who is solidly behind whatever the governor is doing.
Therefore, no any fifth columnist is behind what is happening as a result of the naira redesign.
It is a policy thrust of the APC administration and fully being executed by the administration led by President Muhammadu Buhari.
• Santuraki writes from Yola State