Adewole Adebayo, presidential candidate of the Social Democratic Party (SDP), has faulted the currency redesign policy of the Central Bank of Nigeria (CBN). Adebayo was speaking to Channels Television in
the plan to redesign the biggest denominations of the country’s currency to control the money supply and aid security agencies in tackling illicit financial flows.Emefiele had said the new notes would be effective from mid-December 2022, advising customers to deposit their old notes before January 31, 2023, when they would cease to be legal tender.
He said the process of currency swap should not be “chaotic”, noting that the currency is central to the economy. Adebayo criticised the CBN governor for seeking the approval of the president for a one-week extension, adding that the apex bank should not be “subject to political interpretation”. “With all due respect, for every ailment of this election, there is INEC, DSS, and police. You don’t want to give the CBN a role to play in the management of the election.
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