Recently, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefele, made an announcement that the central bank will redesign certain denominations of naira notes, and that the newly designed notes would enter circulation on December 15.
On Wednesday, the Governor of Edo State, Godwin Obaseki, stated that the planned plan by the Central Bank of Nigeria (CBN) to redesign some naira denominations has no validity in Nigeria's economy. The CBN is proposing the plan to redesign some naira denominations. Recently, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefele, made an announcement that the central bank will redesign certain denominations of naira notes, and that the newly designed notes would enter circulation on December 15.
The unveiling of the program has been met with a range of responses from Nigerians, the majority of whom have been critical of the initiative, believing that it will lead to a worsening of the country's economic situation. Speaking on the CBN move on Wednesday, Obaseki emphasized that there is no reason to do it while inaugurating the Edo State Peoples Democratic Party (PDP) Women Campaign Council at the Presidential Campaign Secretariat in Benin City, the capital of Edo State. Obaseki was speaking at the Presidential Campaign Secretariat in Benin City, which is located in Edo State.
He stated that there is no pressing need to change the currency, thus the action is solely political in nature.
Obaseki criticized the federal government for making the decision, stating that the redesign of the country's currency should not be a priority given that the majority of the country's population are struggling with issues related to economic deprivation, hunger, and homelessness.
He claimed that the administration now in power, which is led by the APC, has been stealing money and intends to use it to gain power over the Nigerian people in the run-up to the general elections in 2023.
He stated, "They claim that all of us should bring our naira to them and give it to them because they want to transform it for us." Is that the most important thing right now? Does the exchange of currencies bring about a decrease in the cost of food at the market? They claim that they want to modify our currency, but the value of the dollar is increasing every day. Even bucks are completely out of the question.
Since I am trained in economics, I can unequivocally state that the Central Bank of Nigeria (CBN) and the Federal Government's policy does not have any foundation in Nigeria's economy. Because there is no pressing need to alter our currency, there is no justification for taking this action; the decision was made only for political reasons.
It is of the utmost importance that we find a way to provide food for our people so that we can end the state of starvation and hunger throughout the land. Because our economy is so dependent on imports, it is of the utmost importance that we find a way to keep the discipline in our monetary policy so that we can effectively control our currency exchange rate.
"We can't let those governing our country (APC) to continue because if we allow the APC administration to continue, the country would fail just like the country is currently failing. If we allow the APC government to continue, the country will fail." Because God knows how much the people in this country are suffering, He will never allow them to be in charge of Nigeria again.
"The general election in 2023 is crucial to the country of Nigeria's continued existence. It is imperative that we vote the APC out of office as a party if we do not want the country to fail. Our party, the PDP, is grassroots, and Alhaji Atiku Abubakar, our candidate, is head and shoulders above the competition. The party is well positioned to win the election that will take place the following year.
"The All Progressives Congress (APC) has made off with our money and intends to utilize it to gain power over Nigerians in the general election of 2023. They have a lot of supplies on hand and want to bring money with them. Do not be afraid; instead, gather the necessary funds and vote them out of office just as you did in Edo in the governorship election of 2020," he continued.
In the meantime, Mrs. Betsy Obaseki, the chairman of the Women's Campaign Council, stated that the APC is continuously imposing additional misery on the people of the nation. The very existence of the nation is in jeopardy, and citizens of Nigeria shouldn't just stand by and watch; rather, they should turn out in large numbers to vote against the APC.