You're playing politics with naira redesign, Obaseki slams CBN

Obaseki's outburst comes exactly a week after CBN Governor, Godwin Emefiele, announced that the apex bank has concluded plans to redesign three series of naira which include N200, N500, and N1,000 banknotes.

Emefiele also revealed that the newly redesigned notes will be released into circulation on December 15, 2022, and urged the public to ensure the old notes are returned to the banks before January 31, 2023, when they will no longer be accepted as legal tender.

The CBN Governor said the action was taken in order to mop up excessive naira notes currently in circulation and curb crimes such as kidnapping and money laundering.

But, Obaseki has alleged that there were ulterior motives behind the policy which was approved by President Muhammadu Buhari.

He stated this during the inauguration of the Edo State Peoples Democratic Party Women Campaign Council at the Presidential Campaign Secretariat in Benin City, the Edo State capital on Wednesday, November 2, 2022.

Lambasting the Federal Government, Obaseki, who is also an economist, said the introduction of such a policy at this period is a misplaced priority, considering that  majority of citizens are suffering from hunger, poverty and economic hardship.

Obaseki's word: “They say we should all bring our naira and give it to them because they want to change it for us. Is that our priority now? Does changing of currency reduce the price of food in the market? They say they want to change our currency and dollar is going higher every day. We can’t even see dollars again.

“I am an economist and I can tell you categorically that this policy by the CBN and Federal Government has no basis in Nigeria’s economy. There is no reason to do this. The move is purely political as there is no urgency in changing our currency.

“The urgency is on how to get food for our citizens to remove starvation and hunger from the land. The urgency is on how to maintain discipline in our monetary policy so that we can manage our foreign exchange rate because we are import dependent.”

“We can’t allow those managing our country (APC) to continue because if we allow the APC government to continue, the country will fail as the country is already failing. God sees how people are suffering in this country and will not allow them to manage Nigeria again.

“The 2023 general election is for the continuous existence of Nigeria. If the country must not fail, then we need to vote out APC as a party. Our party, the PDP is organic and our candidate, Alhaji Atiku Abubakar, is the best amongst all. The party has the structure to win the election next year.”

“APC has stolen our money and wants to use it to impose themselves on Nigerians come 2023 general elections. They have stocked up a lot and want to bring the money. Don’t be afraid, collect the money and vote them out like you did in Edo in the 2020 governorship election.”