Former national chairman of the ruling All Progressives Congress, Adams Oshiomhole, has criticised the Central Bank of Nigeria’s naira redesign policy, calling it “senseless.” Speaking on Sunday night during an interview on Channels TV’s *The 2023 Verdict*, the former Edo State governor argued that changing currency is not a new phenomenon, but faulted the CBN’s approach. “There was no consultation, not even within the government,” he said, noting that the Minister of Finance had warned of possible economic consequences.
Oshiomhole emphasized that merely acting within the law or possessing legal powers is insufficient. “We are taught in basic leadership that whoever has power should pray for wisdom,” he explained, adding that with a population of 200 million, policy cannot be altered overnight as easily as switching from a generator to NEPA. He used a metaphor, saying, “You told me to remove the old clothes that I’d need a new one. I’ve removed the old clothes but the new ones are not available, and you leave me naked.” He then highlighted the practical impact: “You can’t take more than N20,000 from my own money, yet a bag of rice now costs N30,000 because of CBN monetary policies that have caused massive devaluation. This forces people to queue for days to withdraw enough cash, which is not sensible.”
Commenting on recent clashes between soldiers and University of Benin students over cash withdrawals at an on‑campus ATM, Oshiomhole lamented the lack of banks in some Edo State local government areas, such as Okpela, which hosts two large cement factories. He reiterated that the CBN’s redesign policy is absurd. “I am shocked that the CBN could pursue this senseless policy,” he said, clarifying that the issue is not the idea of changing currency—Nigeria has done so before. He cited President Muhammadu Buhari’s tenure as military head of state, when the naira’s colours were altered without imposing withdrawal limits, provided the money was lawful.
Finally, Oshiomhole argued that assuming every Nigerian is corrupt and using the policy to curb corruption is misplaced. “The CBN is not part of the institutions charged with ensuring free, fair and credible elections; that is not in the Act establishing the CBN,” he concluded.
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