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Problems With Naira Redesign Policy – Ex-CBN Deputy Governor

A former deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has lamented over the chaos created by the naira redesign policy of the Central Bank of Nigeria.Information Guide Nigeria

According to LEGIT.NG, Moghalu noted that the terrible hardship and economic loss Nigerians passed through due to the wrong implementation of the CBN’s policy showed how the country’s institutions and Nigeria failed when institutions meant to operate independently became politicized.

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The ex-governor of CBN said in a statement that currency duties were a primary part of any central bank’s mandate and that he had no issues with the policy except for two things.NYSC Portal

According to him, the 90-day deadline needed was too close to the elections. He stated that the implementation could have been more coherent and coherent if the duration was longer.

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He said: “Then, next, it became about “free and fair elections “to stop vote-buying,” he stated.

Moghalu said the last reason became the most critical and controversial due to the elections.

He stated that politicians clamored for a deadline extension because they felt the policy targeted them and complained, while others hailed it.

According to PUNCH, Moghalu said others felt that CBN confiscated their money via the scheme.

He added, “Today, whatever the economic and social gridlock may have canceled out benefits of the naira redesign policy it has created. We are still suffering from it after the “almighty” presidential election has come and gone.

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“There are several lessons here. One such lesson is the importance of effective risk management that was absent in the conception and execution of the policy.”JAMB Result

“Turning it into a political football was and is a big mistake and a strong indicator of state failure.”

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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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