Atiku Abubakar, the presidential candidate of the Peoples Democratic Party, called on the Central Bank of Nigeria (CBN) on Wednesday to refrain from extending the February 10 deadline for the naira swap. He emphasized that maintaining this deadline is crucial to preserving the objectives behind the currency redesign. In a statement issued from his campaign office in Abuja, Atiku urged the CBN to promptly reassess its measures to facilitate the smooth circulation of the new naira notes.
Atiku argued that an additional ten days would allow individuals in rural areas and ordinary citizens across the country to deposit their old naira notes into banks. This extension would also enable the CBN to further distribute the new currency among banks, ensuring easier access for the public. He urged the CBN to implement strategies that would alleviate the challenges faced by people in exchanging their old naira notes for new ones and to increase the availability of new notes in circulation. He suggested that the CBN might need to consider printing more currency to address the current scarcity, particularly for rural dwellers who rely on cash for daily transactions.
Furthermore, Atiku proposed that if necessary, the CBN should consider having its officials and banks operate on weekends to meet the needs of ordinary people and rural communities, as the amounts required by these individuals are not substantial. He stressed that the primary goal should be to ensure that the new currency is widely distributed and accessible. He asserted that effective policies must prioritize the needs of the people and avoid creating unnecessary hardships.
Atiku cautioned the CBN to be mindful of the elite, whose calls for extending the deadline for the old naira notes may be driven by self-serving motives rather than genuine concern for the public. He expressed his full support for a cashless economy and the reduction of cash in circulation, highlighting the numerous benefits of such a policy. He noted that it would help diminish the flow of illicit funds, combat terrorism financing, and contribute to the fight against corruption.
Moreover, Atiku emphasized that a cashless economy is vital for the preservation and growth of democracy in Nigeria. He pointed out that those who engage in vote-buying and corrupt practices in elections are the same individuals opposing the cashless policy and the naira redesign. He accused these anti-democratic elements of conspiring against the CBN’s efforts to implement the currency redesign and cashless regime, urging the CBN and the government to disregard their tactics.
He firmly stated that there should be no further postponement of the new naira regime after the February 10 deadline. Atiku warned that those attempting to pressure the CBN for an extension are likely seeking to execute their nefarious plans after the elections. He called on the CBN and the Presidency to remain resolute, asserting that the benefits of the new naira policy far outweigh the temporary inconveniences currently being experienced. He concluded by asserting that this policy is one that will ultimately benefit the country in the long run and should not be derailed by individuals with narrow, selfish interests.
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