There are signs that Nigerian politicians who stashed billions of Naira outside the banking system to prosecute the 2023 general election have moved against the planned reintroduction and redesign of Nigeria’s currency by the Central Bank of Nigeria (CBN), according to Thisday.
These politicians, it was learnt, have mobilised the National Assembly to pass a resolution against the Naira redesign as several lawmakers may have stockpiled cash for the 2023 general election.
It is estimated that about 84 per cent of the N12.73 trillion in circulation is outside the banking system, precisely in the hands of corrupt politicians, kidnappers, traders and criminal elements.
Therefore, on October 26, 2022, CBN Governor, Mr. Godwin Emefiele, had announced the plan to redesign the Naira to control the money supply.
The redesigned notes include N200, N500 and N1,000.
According to the apex bank, new N200, N500, and N1,000 notes will go into circulation from December 15, while the current notes will cease to be legal tender by January 31, 2023.
It is gathered that this monetary tool aimed at fighting corruption, checkmating money laundering, eliminating counterfeits, and ending the hoarding of the Naira by kidnappers and others, has thrown politicians who stashed billions of the Nigerian currency ahead of the 2023 general election into confusion.
These elements, who do not bank their funds, are involved in money laundering and currency round-tripping using the black market as the alternative foreign exchange window.
Nigerian President Muhammadu Buhari, in order to show that the policy has his firm backing, had last Wednesday declared that there was no going back on the planned redesign of the bank notes and that three months was enough for Nigerians to deposit the current notes at the banks.
Buhari had also vowed that politicians won’t be allowed to mobilise resources and thugs to intimidate voters in the 2023 general election.
Buhari, who made this known recently in an interview in the United Kingdom after meeting with His Royal Majesty, King Charles III in Buckingham Palace, also said enough time had been given by the CBN for Nigerians to deposit the present naira notes at banks in exchange for the newly redesigned ones.
“On this change of currency, there will be a lot of money but time has been given from October to December, three months is enough for whatever money you have, to get it changed through the legal system.
“So, I don’t know why people are complaining about it,” the president said.
“No going back,” Buhari said of the decision to redesign the three naira notes. “My aim is to make sure that Nigerians believe that we respect them as an administration.
“So, Nigerians should vote for whoever they like from whichever political party. Nobody will be allowed to mobilise resources and thugs to intimidate people in any constituency. That is what I want to go down in Nigerian history as a leader.”