Naira Redesign: 'Senator Apiafi' urge CBN to proceed with caution as authorities might block access to funds meant for the opposition during election.

Senator Betty Apiafi of Rivers State questioned the motivation, urging the CBN to proceed with caution due to the proximity of the election and the possibility that "authorities would deny access to monies destined for the opposition.

On Wednesday, senators engaged in heated debates about the Central Bank of Nigeria's (CBN) plan to redesign Nigeria's legal tender. The move has been met with widespread opposition.

Following the explanation of the apex bank's plans to redesign naira notes in a motion by the Chairman of the Senate Committee on Banking, Insurance and Financial Institutions, Senator Uba Sani, debates commenced.

Sani stated that the action was in accordance with the provisions of the CBN Act, which called for the redesign of naira notes in order to fortify the nation's currency and reduce the amount of liquidity in the system.

Senator James Manager, who represents the Delta South Senatorial seat, praised the action and stated that it was in the best interest of the nation in the contribution he made to the discussion.

Senator Betty Apiafi of Rivers State questioned the motivation, urging the CBN to proceed with caution due to the proximity of the election and the possibility that "authorities would deny access to monies destined for the opposition."

She questioned, "What could possibly be the reasoning for this?" What kind of repercussions will this have on the economy? ”

Senator Biodun Olujimi of Ekiti voiced his concern that opposition parties would be prevented from receiving cash intended for logistics.

She encouraged the apex bank to handle the redesign of the naira notes with fairness and impartiality.

The senator for Benue State, Gabriel Suswam, expressed his disapproval of the manner in which the governor of the Central Bank, Godwin Emefiele, had shown disdain for the parliament by willfully declining to honour the invitation of the committee.

According to him, obtaining the endorsement of parliament was a step in the wrong direction as President Muhammadu Buhari had already given his approval to the redesign of the naira and printing of the new currency.

Senator Suswam said as follows: "What has occurred is that the announcement alone has led to [an] inflationary rate of approximately 42% and so if you are taking a position about this, we must be aware.

One would think that there would have been adequate dialogue if the Central Bank of Nigeria (CBN) had desired our support in our capacity as significant players in our country.

However, they hold the exclusive reserve to carry out the activities that they are conducting. After the printing has already begun, Mr. President has given his okay, and they are asking our legislative backing, it would be absurd for our approval to be sought at this point. They should be allowed to continue with what they are doing.

In response, Senator Albert Bassey Akpan, who represents the Akwa Ibom Northeast Senatorial seat, argued that the CBN does not require legislative assistance in order to fulfil its constitutional role.

He stated that the existing statute does not require support from the National Assembly in order for it to carry out its duties."

No, it doesn't. It is my pleasure to congratulate the Chairman of the Senate Committee on Banking and Financial Institutions on his leadership in ensuring that the Central Bank is meeting its regulatory responsibilities. As a result, there is no longer any need to discuss this issue.