THE Presidency has stated that even though Nigerians have faced the brunt of the pain caused by the Central Bank of Nigeria’s (CBN) naira redesign policy, they have welcomed the policy.
Garba Shehu, the Senior Special Assistant to the President on Media and Publicity, made the remark yesterday.
The policy, implemented in October 2022, was aimed at currency hoarders and vote buyers, with the aim of ending the legality of the old N200, N500, and N1,000 banknotes by January 31 – a deadline that was eventually extended to February 10.
Several praised the proposal while criticizing its implementation, particularly the relatively short notice given to Nigerians to exchange their old money for the new notes.
Shehu said the President was an upholder of the judicial process in response to calls for President Muhammadu Buhari to comply with the Supreme Court judgement directing that the old notes keep serving as legal tender until December 31, 2023.
“As for the cashless system the CBN is determined to put in place, it is a known fact that many of the country’s citizens who bear the brunt of the sufferings, surprisingly support the policy as they believe that the action would cut corruption, fight terrorism, build an environment of honesty and reinforce the incorruptible leadership of the President,” the presidential spokesman said.
“It is therefore wide off the mark to blame the President for the current controversy over the cash scarcity, despite the Supreme Court judgement. The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President.
President Buhari has also rejected the impression that he lacks compassion, saying that “no government in our recent history has introduced policies to help economically marginalised and vulnerable groups like the present administration.”
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