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On Tuesday, the Peoples Democratic Party’s (PDP) presidential candidate Atiku Abubakar stunned people by making a U-turn from his longstanding support of the Central Bank of Nigeria’s (CBN) naira redesign policy.
Despite initially advocating for the policy, Atiku said it has now caused “serious distress” for businesses and cash-dependent smallholder enterprises.
In contrast, All Progressives Congress (APC) candidates had called on the CBN to adjust the policy in order to alleviate Nigerians’ suffering.
This led to APC accusing Atiku of being the “enemy of the people”. On Tuesday however, Atiku asked that commercial banks not become stumbling blocks to “the well-thought-out policy of Naira redesign”.
He accused banks of mismanaging the policy differently than what occurs in other parts of the world, leading many Nigerians to descend into desperation and despondency.
He urged Federal Government and CBN to act quickly in order to address these challenges before social tension escalates across Nigeria.
This article was updated 1 week ago
