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No Planning For The Naira Swap – YPP, SDP Slam CBN, FG Over New Note




The Central Bank of Nigeria (CBN) and the Federal Government have again come under fire over the issue of the new naira notes.

Naija News reports that the presidential candidates of the Young Progressives Party (YPP), Malik Ado-Ibrahim and his Social Democratic Party (SDP)counterpart, Adewole Adebayo, have slammed both the CBN and the Federal Government for allegedly not having a plan for the swap of the new naira notes.

According to them, the naira redesign policy and its implementation was not well planned out, as they wondered why the Minister of Finance, Budget and National Planning, Zainab Ahmed wasn’t carried along in the fiscal and monetary policies.

This platform gathered that both presidential candidates bared their minds over the challenges faced by Nigerians concerning the new naira swap when they were featured on Channels TV’s Sunday Politics.

The SDP flag bearer opined that he didn’t think there was any planning behind the naira swap, adding that he wouldn’t want the central bank to look like an extension of the politics of Nigeria.

Adebayo submitted that “There is no planning, there is no definition of the stakeholders, there is no project management parameters, no timeline, and no simulation done. The process is not supposed to be chaotic, the economy is a sensitive thing and you must balance it.

“The currency is so central to the economy because the currency is the means of exchange and the central bank is not supposed to allow itself to be subject for political interpretation.

“So, even this idea of going to the President to take permission for an extension, there is a board of governors for the central bank, it is supposed to be an internal business of the central bank.”

Also giving his own take, Ado-Ibrahim of the YPP observed that the policy was a great idea with bad execution, noting that it looks too political and thus doesn’t give the people confidence.

The YPP flagbearer explained that “We don’t see the minister of finance. It looks like a one-man deal or one-man trade between the CBN governor and his boss, the President of the Federal Republic of Nigeria. Where is the minister?

“Fiscal and Monetary Policy Committee should be sitting with the President giving the country confidence, we are not seeing that. And there seems to be an internal battle between those two organisations and the minister of finance is the boss of the CBN governor.”