The Kaduna State Governor, Nasir El-Rufai, on Wednesday, faulted the timing of the naira redesign, saying the move makes no 'political or economic sense'.
The governor also explained that Buhari had during his first stint as Nigeria’s Head of State redesigned the naira without hitches.
“… they are hiding behind the President’s desire to do what he thinks is right. I will give two examples: this petroleum subsidy, which is costing the country trillions of naira, was something that we all agreed would be removed. “In fact, I had a discussion with the President and showed him why it had to go. Because how can you have a capital budget of N200bn for federal roads and then spend N2tn on petroleum subsidy? This was a conversation I had with the President in 2021 when the subsidy thing started rising. He was convinced. We left. It changed. Everyone in the government agreed, and it changed.
“The second example I will give is this currency redesign. You have to understand the President. People are blaming the Governor of the Central Bank for the currency redesign, but No. You have to go back and look at the first outing of Buhari as . He did this; the Buhari-Idiagbon regime changed our currency and did it in secrecy with a view to catching those that are stashing away illicit funds. It is a very good intention. The President has his right.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New naira racketeering: EFCC to raid Lagos, Kaduna, P’Harcourt currency hawkersIndications have emerged that the Economic and Financial Crimes Commission is set to raid new naira note racketeers in key commercial cities including Lagos, Port Harcourt, and Kaduna.
Read more »
Kaduna Traders Lament Scarcity Of New Naira Notes, Low PatronageA buyer in the market, who identifies herself as Mama Blessing said, 'I have been in this market since morning to buy things but because I don't have cash, I
Read more »
Naira redesign badly executed, says YPP presidential candidate | TheCableMalik Ado-Ibrahim, presidential candidate of the Young Progressives Party (YPP), says the naira redesign policy of the Central Bank of Nigeria (CBN) is a 'great idea' but 'poorly executed'.
Read more »
CBN recovers N1.9tn in two months after naira redesignThe Central Bank of Nigeria said it recovered N1.9 trillion worth of currency in two months outside of the banking system following its naira notes redesign and cash swap policy.
Read more »
DSS arrests syndicates selling new naira notesThe Department of State Services on Monday said its officers have arrested an undisclosed number of persons involved in the sale of the new naira notes.
Read more »
SSS arrests currency traders selling new naira notes, says banks complicit'Appropriate regulatory authorities are, in this same vein, urged to step up monitoring and supervisory activities to expeditiously address the emerging trends.'
Read more »