Kachikwu: Naira Redesign Ill-timed, Will Worsen Economy

Sunday Aborisade in Abuja

Presidential Candidate of the African Democratic Congress (ADC), Dumebi Kachikwu, yesterday, faulted the Naira redesign policy of the Central Bank of Nigeria (CBN), which was approved by President Muhammadu Buhari.

Kachikwu, who made this assertion in Abuja while answering questions from reporters, said the policy would further worsen the economy through closure of small scale industries and render millions of workers jobless.

He noted with concern that, “The redesign of the naira coupled with insecurity and skyrocketing inflation has continued to throw millions of Nigerians into the poverty bracket.It has been an eventful past one week. The security advisory by some of the western nations and the departure of embassy officials and their families has led to panic amongst Nigerians.

“Even though President Buhari has sought to assure Nigerians that all is well, one begins to wonder what is really going on? The President failed to respond to rumours that some convicted terrorists were released to secure the freedom of the remaining Kaduna train captives.

“Some now accuse his government of undermining the efforts of our men and women in the field by the indiscriminate release of those, who have sworn to destroy our way of life. Only the president can confirm if this is true or not.

“Nigerians now live in fear of the unknown as they wonder if they could be in the right place at the wrong time. Our highways have gotten worse as bandits now take on and kill convoys with several policemen. If those with a retinue of police aides are being attacked and, in some cases killed, then, who is safe in Buhari’s Nigeria?

“As if this is not bad enough, the President continues to destroy the Nigerian economy with wrong and ill-timed policies that mostly benefits a few. Millions are daily thrown into the poverty bracket. Our middle-class has been wiped out as the dollar today exchanges for N800 and above. Diesel which powers most businesses and industries retails for around N900. A bag of local rice sells for N50,000 in some parts of Nigeria.

“A bag of  cement retails for N4100. Mind you cement is the building block for the construction industry and that same construction industry is a key driver of any economy. One begins to wonder if this government is deliberately trying to set a record of creating the greatest number of poor people in the shortest period possible.

“How do you explain timing of the redesign of the naira? The sensible thing to do is weigh the pros and cons before taking such a decision, which has further weakened the naira. How many Nigerians actually store money in their homes as is being speculated? Do we further destroy the naira because of a few Nigerians?

“Why can’t our security agencies up their game, identify those who have been speculated to store billions in their homes and then use legal means to recover the money. By the way who says all money stored at home is ill-gotten wealth? There are those who simply don’t trust banks or don’t want to incur the extortionist bank charges imposed by some banks,” he stated.