New naira notes won’t stand test of time – YPP Presidential Candidate

The Presidential Candidate of the Young Progressives Party (YPP), Malik Ado-Ibrahim, has said the new naira notes recently introduced by the Central Bank of Nigeria (CBN) will not stand the test of time. He made the assertion while speaking on the Channels TV’s Sunday Politics. The CBN had redesigned the N1000, N500 and N200 denominations […]

The Presidential Candidate of the Young Progressives Party (YPP), Malik Ado-Ibrahim, has said the new naira notes recently introduced by the Central Bank of Nigeria (CBN) will not stand the test of time.

He made the assertion while speaking on the Channels TV’s Sunday Politics.

The CBN had redesigned the N1000, N500 and N200 denominations and asked Nigerians to return the old notes to the banks in an effort to mop up cash back into the banking system.

While speaking on the controversy surrounding the redesigning of the currency, Ado-Ibrahim said the new notes lacked credibility, saying there were no significant security features on them to stand them out.

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He said, “We don’t see the Minister of Finance. The new naira notes policy looks like a one-man deal between the CBN governor and his boss, the president of Nigeria.

“I don’t think this currency will stand the test of time. I think in a very short while, whatever is implemented between now and whenever…we will have to revisit the currency and lay out the proper plan to ease a new currency into the market, the one that is visibly different and can give confidence to the Nigerian people.”

He also asked the government to extend the currency swap deadline till when the new government would come into power in May 2023.

“Give the time for the Nigerian people to accept this currency and have confidence in it. A confident country is a better country.”

The currency swap was to end on January 31 but the CBN had on Sunday announced an extension of 10 days to allow Nigerians to return all old notes in their possession to banks.

However, the National Assembly wants a longer period and is poised for a battle with the CBN Governor, Godwin Emefiele.