Ondo State Governor and Chairman of the Southern Governors’ Forum, Rotimi Akeredolu (SAN), has urged President Major General Muhammadu Buhari (retd.) to reverse his stance on the old naira notes in order to calm the nationwide crisis. In a statement issued on Saturday, titled “Mr President should halt this seamless drift,” Akeredolu faulted the president’s declaration that the old N1,000 and N500 notes are no longer legal tender while extending the validity of the old N200 note only until April 10. He described the advisers behind the decision as “mischievous.”
Akeredolu, speaking as Chairman of the Southern Governors Forum, argued that the president must rescind the controversial naira policy because it is unpopular, fruitless and counter‑productive, especially given the existing Supreme Court order on the matter and the turmoil it is causing ahead of the general election. He warned that the Central Bank of Nigeria’s currency‑redesign policy threatens to disrupt not only the forthcoming election but also the country’s democratic governance, citing recent court interventions and a surge of violence as signs of serious danger.
The governor appealed to the president to act as a statesman at this critical moment, noting that the currency‑swap policy has spiraled into a menacing crisis. He cited “incontrovertible evidence” of miscalculation, poor judgment and possible disinformation by policymakers, particularly CBN Governor Godwin Emefiele, whose failed implementation has left the nation “groaning immeasurably.” While acknowledging the statutory functions of the CBN and its governor, Akeredolu emphasized that the president, as Commander‑in‑Chief, holds executive power that should not be used to impose measures causing widespread hardship and misery.
Akeredolu stressed that the safety of the people is paramount and that any policy meant to improve conditions must not reduce the populace to “beggarly existence.” He warned that the currency‑swap policy, presented as a legitimate measure, is being perceived as a covert confiscation of legitimate bank deposits, allegedly aimed at curbing electoral malfeasance, terrorism and banditry. The governor highlighted that the N1,000 and N500 notes accounted for 82 % of currency in circulation, while the extended N200 note represented only seven percent, exposing the misleading advice given to the president.
According to Akeredolu, the policy’s implementation has been woeful despite official claims to the contrary. The suffering caused by the lack of new notes, which he says contravenes the CBN Act 2007, could have been avoided with a gradual, systematic withdrawal of old notes. He asserted that the unfolding events demonstrate the policy’s significant failure and called on the president to halt the “needless drift into the abyss of chaos,” especially while the Supreme Court ruling remains in force.
Finally, Akeredolu urged the president to allow both old and new notes to coexist until normalcy returns, describing this as a fitting parting gift for the nation’s downtrodden. While acknowledging the policy’s ostensibly legitimate reasons, he rejected any justification for confiscating Nigerians’ lawful earnings. He warned that the “mediocre and, I dare say, mischievous implementation” of the policy by the CBN governor undermines federal programmes aimed at lifting people out of poverty, and that rescinding the unpopular, counter‑productive decision would avoid “the insidious seeds of potential conflagration” the policy threatens to ignite.
Comments are closed for this story.