Buhari Emphasizes Naira Redesign Motivated By Economic Considerations, Not Punishment

Buhari Emphasizes Naira Redesign Motivated By Economic Considerations, Not Punishment....KINDLY READ THE FULL STORY HERE▶

Former President Muhammadu Buhari has refuted allegations that his administration intentionally utilized the naira redesign policy as a means of punishing Nigerians. According to him, the policy was implemented to facilitate a cleaner electoral process during the 2023 general elections, as highlighted in the memoir ‘Working with Buhari: Reflections of a Special Adviser, Media and Publicity (2015 – 2023),’ authored by his former Special Adviser on Media and Publicity, Femi Adesina……..CONTINUE READING

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The naira redesign policy, initiated under the leadership of the former governor of the Central Bank of Nigeria, Godwin Emefiele, in October 2022, faced criticism from citizens and financial experts. However, Buhari countered claims that the scarcity of naira notes targeted Nigerians, asserting that those with excess wealth encountered challenges. He emphasized that the policy aimed to enhance the transparency of elections and was not intended to inflict hardship on the public.

Buhari reflected on the impact of the redesign policy on the 2023 presidential poll, citing the example of his native state, Katsina, where the ruling All Progressives Congress initially lost but later emerged victorious in the governorship race. The former president acknowledged the complexities of the situation and maintained that the scarcity of money was not a deliberate punitive measure.

Addressing concerns about the unavailability of new notes, Buhari pointed out instances of significant sums found with individuals, emphasizing that he did not intervene in the Supreme Court on the matter. He highlighted his refusal to judge others by his own standards and expressed a commitment to maintaining a clear conscience.

The naira redesign policy led to nationwide scarcity, causing difficulties for Nigerians in accessing their money both in cash and at banks. Critics argued for a gradual introduction of new notes alongside the old ones, rather than a complete phase-out. The policy’s deadline for the withdrawal of old naira notes was initially set for January 31, 2023, and later postponed to February 10, 2023.

Following President Bola Tinubu’s election, an investigation was initiated into the financial sector reforms, resulting in the suspension of the ex-CBN governor, Godwin Emefiele. The subsequent probe, led by Jim Obazee, revealed that Buhari did not expressly approve the naira redesign, attributing the authorization to Buhari’s aide, Sabiu Tunde ‘Yusuf.’ This revelation led to criminal charges against Emefiele over the handling of the CBN naira redesign policy.

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