Senate President Accuses Emefiele of Attempting to Sabotage 2023 Polls Through Naira Redesign Policy

Senate President Accuses Emefiele of Attempting to Sabotage 2023 Polls Through Naira Redesign Policy

In a dramatic session on Tuesday, Senate President Godswill Akpabio accused Godwin Emefiele, the former Central Bank of Nigeria (CBN) governor, of attempting to sabotage the 2023 general elections through the introduction of a controversial naira redesign policy.

Akpabio’s allegations were made during the screening of Olayemi Cardoso, the nominee for the position of CBN governor, and four deputy governor nominees for the apex bank.

Emefiele’s policy, announced in October 2022, aimed to redesign and introduce a new series of three banknotes, including N200, N500, and N1000 denominations. These redesigned notes were scheduled to enter circulation on December 15, 2022, with the old naira notes retaining their status as legal tender until January 31, 2023.

Critics argue that the implementation of this policy on the eve of the general elections led to a shortage of naira notes, causing significant economic disruptions. Senate President Akpabio raised questions about the timing and intentions behind this policy, suggesting that it was an attempt to disrupt the electoral process.

During the proceedings, Akpabio questioned the nominee, Olayemi Cardoso, about his stance on political involvement as the potential CBN governor. He asked whether Cardoso would resist political pressure to engage in presidential races or display his profile at political conventions while holding the position of CBN governor.

Akpabio’s pointed remarks also touched on the issue of the naira redesign’s timing, emphasizing that it occurred just days before the election. He questioned whether the move was an intentional effort to sabotage the electoral process, given that few countries globally redesign their currency within such a short time frame.

These allegations and questions raised by Senate Presidentv Akpabio have brought the controversial naira redesign policy back into the spotlight, adding further scrutiny to the proceedings surrounding the nomination of Olayemi Cardoso as the potential CBN governor.

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