Kwankwaso: Currency redesign was a mistake | FG should extend deadline for old naira notes
The Central Bank of Nigeria’s (CBN) currency redesign program, according to NNPP presidential candidate Rabiu Kwankwaso, was a mistake.
As Nigerians rush to meet the CBN’s deadline for the continued use of the old naira notes and the revised N200, N500, and N1,000 series are not being widely used, tensions in the nation have escalated.
There are numerous requests in this for a postponement of the January 31 demonetization deadline.
The CBN, however, has stated that the predetermined deadline could not be extended.
Speaking on Thursday on Arise TV, Kwankwaso claimed that Nigerians were suffering because of the naira redesign strategy.
He noted that the deadline would not be met by anybody, particularly those living in remote areas, and that the timing was tight.
The senator also suggested that the federal government extend the deadline because many individuals will lose their funds.
I’ve listened to every leader who has attempted to argue the need for this overhaul, after all. As far as the NNPP is concerned, we think it was a mistake, particularly the time, Kwankwaso stated.
In the current state of affairs in this country, you cannot simply show up at the last minute and create the problem of redesign within a short period of time. Three months is insufficient. People use the same currency for decades without modification or change, if you look at currencies from throughout the world.
We are the ones who are in touch with people at the grassroots, therefore my counsel is based on the reality on the ground. People are in pain and anxious. I can promise you that by this month’s 31st, Nigerians, particularly those in rural regions and those whose local governments lack banks, will not be able to make this change within the allotted time.
Or to put it another way, a lot of people will lose their funds. Thus, a lot of people will experience crises. These are good folks who have worked incredibly hard to make a living.
“We believe that the government should change its position because some claim that there isn’t even the money on the ground.
Some claim that the top politicians, whom we feel cannot be smothered, are the very individuals they intended to suffocate.
“Some of the candidates from these parties are bank owners. Governors from both parties are present everywhere. Governors who give instructions to banks to bring all of the state’s money to the government’s residence for safekeeping.
The federal government might use that money to address the nation’s security issues, according to Kwankwaso, rather than adopting a hard position on the deadline for the old notes.
“My recommendation is that the federal government not forbid going back, please. There is no way out of this dilemma. We want to hear about the bandits in the north-west, Boko Haram in the north-east, or other criminals elsewhere, he continued, if you want a situation where there is no turning back.
“No turning around; you’re going to get rid of them, which is fine. Returning is not the best option in this situation, though.
There is no going back; clearing them is a good thing. Returning is not the best option in this situation, though.
“Prolong time. Allow individuals to go deposit their money if you don’t want to or don’t have any; when you do, you can pay them. That ought to be beneficial.
