The Office of the National Security Adviser has warned that recent policies introduced by the Central Bank of Nigeria could hinder military operations if they are not properly implemented, making it difficult to pay officers on the battlefield. Major General Babagana Monguno (retd.), the National Security Adviser, raised this concern while appearing before the House Ad Hoc Committee on the CBN’s Cashless Policy and the Extension of the Currency‑Swap Timeframe in Abuja on Thursday.
Monguno was represented by Rear Admiral Abubakar Mustapha, who explained that, due to the “sensitivity of some of this information… bordering on security,” he could not disclose certain details to the press. Mustapha, a director in charge of an ONSA secretariat that conducts general security appraisals of elections and other exigencies, apologized on behalf of his boss, who was absent because he was abroad for a “very special meeting.” He emphasized that, globally, military operations— even in First‑World countries— can be adversely affected by poorly thought‑out policies, especially where soldiers cannot access digital means of payment for daily subsistence. Mustapha urged the committee to devise better solutions and said the NSA had tasked a committee with drafting his position to assist the House committee in its mandate.
Majority Leader of the House and chairman of the committee, Alhassan Ado‑Doguwa, then asked journalists and aides to leave Conference Room 301 as the closed‑door session continued for about 20 minutes. The committee invited the CBN’s Director of Currency Operations, Ahmed Umar, to respond to the NSA’s revelations. However, the Minister of Finance, Budget and National Planning, Zainab Ahmed; the INEC Chairman, Prof Mahmood Yakubu; and the Managing Director of the Nigerian Security Printing and Minting Company, Ahmed Halilu, failed to appear. Ado‑Doguwa noted that Ahmed and Halilu had requested a rescheduling and were re‑invited for 11 a.m. on Friday.
Last week, the committee grilled CBN Governor Godwin Emefiele over the crisis caused by the redesign of certain naira notes and the exchange of old notes for new ones. The policy has drawn widespread criticism due to the scarcity of new notes and its timing close to the 2023 general election. Following the hearings, Yakubu met with the NSA and Emefiele, and both officials also met with President Major General Muhammadu Buhari (retd.) to discuss the issue. Emerging from the meeting, Ado‑Doguwa said the committee had taken confidence‑building responses that would be useful in drafting its report for the House of Representatives. He reiterated that, despite the interface with the NSA, the committee’s position remains unchanged: the policy is unpopular, untimely, and lacked broad consultation with relevant government sectors and agencies.
Ado‑Doguwa indicated that the committee may summon the NSA again if further clarification is needed. He stressed that agencies that have missed previous appearances will not be taken lightly. The Nigerian Printing and Minting Company’s MD has been contacted and is expected to appear tomorrow, as is the Federal Ministry of Finance, whose involvement is crucial given its role in fiscal policy and the economic implications of the cashless policy. Failure to appear will compel the House, through this committee, to use legislative tools to ensure attendance.
In his opening remarks, Ado‑Doguwa explained that the committee’s mandate is to examine the impact of the CBN’s policy on the economy, security, and the upcoming 2023 general election, continuing its duties as an ad hoc committee of the House of Representatives on the naira redesign and swap policy.
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