As naira scarcity bites harder, the presidential standard bearer the Peoples Democratic Party (PDP), Mr. Atiku Abubakar has backed down on his earlier support for the currency redesign policy of the Central Bank of Nigeria (CBN) saying it is the common man who takes the heat.
He therefore appealed to the apex bank to allow the commercial banks accept deposits of the old naira notes.
Recall that Atiku was earlier a vociferous apostle of the policy, advising the CBN bank not to extend the February 10 deadline for the currency swap.
He had contended that as an avowed supporter of “building a cashless economy and reducing the amount of cash in our economy,” any further extension would destroy the purpose and objective of the policy.
However, in a social media post yesterday, Atiku the PDP presidential candidate reviewed his earlier position on the matter and urged the CBN to release the new naira notes for the ordinary citizens are the ones taking the brunt of the policy.
“The CBN currency policy is hurting ordinary citizens and those who legitimately earned their money,” Atiku said.
“The apex bank should, as a matter of urgency, allow commercial banks to join the CBN in the collection of the deposits of old N500 and N1000 notes.
“The new currency should be immediately made available in sufficient quantities to alleviate the suffering of the masses.
“I assure you that when we come to power by the mandate of your votes, the PDP administration will not allow any Nigerian who legitimately earned their money to lose a single kobo of it.
“You can take that promise to the bank because our aim is to create prosperity and not to impoverish our people.”
Recall that on Thursday, February 16, President Muhammadu Buhari intervened in the currency crisis by directing the Central Bank of Nigeria (CBN) to extend the deadline for the naira swap policy to April 10, 2023.
The extension was informed by the inability of Nigerians to access their money in the banks following the introduction of new N200, N500, and N1, 000 notes and the attendant supply problem.
He also directed the apex bank to release the old N200 bank note back into circulation.
He said the currency should circulate as legal tender with the new N200, N500, and N1000 banknotes
He also instructed the CBN to “ensure that new notes become more available and accessible to our citizens through the banks.”
“I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023 to April 10 2023 when the old N200 notes ceases to be legal tender.
“In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points,” he said.
The president also admonished “every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN,” adding that “our administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened.”
