Ex-CBN Deputy Governor Kingsley Moghalu Points Out Two Problems With Naira Redesign Policy

Ex-CBN Deputy Governor Kingsley Moghalu Points Out Two Problems With Naira Redesign Policy

  • Kingsley Moghalu, an ex-presidential candidate and former Deputy Governor of CBN, said there are two mistakes in the naira redesign policy
  • He revealed that the chaos caused as a result of the policy was due to poor implementation and timing
  • Per Moghalu, the policy was good but lacked coherence and made to take effect too close to the elections

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An erstwhile Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has expressed displeasure over the chaos created by the naira redesign policy of the bank.

Moghalu stated that the terrible hardship and economic loss Nigerians have passed through due to the wrong implementation of the CBN's policy and the judiciary's interference in central banking operations showed how the country's institutions and Nigeria fail when institutions meant to operate independently became politicised.

New naira, naira redesign, CBN, Moghalu
Former CBN deputy governor discloses two mistakes in naira redesign Credit: Picture Perfect
Source: Getty Images

Moghalu 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.

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Wrong time and bad implementation

He pointed out that the 90-day deadline needed longer to be seamlessly executive, and the timing was close to the elections. He stated that the implementation could have been more coherent and coherent.

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He said:

"Then, next, it became about "free and fair elections "to stop vote-buying," he stated.

According to him, the last reason became the most critical and controversial due to the elections.

Moghalu said politicians clamoured for a deadline extension because they felt the policy targeted them and complained, while others hailed it.

Punch reports that the ex-presidential candidate said the policy trapped several Nigerians, while others said it would help curb vote-buying.

Nigerians felt trapped and helpless

Others felt that CBN confiscated their money via the scheme.

"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. 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."

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"Turning it into a political football was and is a big mistake and a strong indicator of state failure," he added.

CBN bows to pressure, reintroduces N500, N1000 notes into circulation after Buhari's statement

Legit.ng earlier reported that the Central Bank of Nigeria said the old N500 and N1000 notes are now legal tender.

The CBN said that in a statement released Monday, March 13, 2023.

The announcement comes after Buhari said it did not direct the CBN Governor, Godwin Emefiele, and Attorney General of the Federation, Abubakar Malami, to disobey Supreme Court Ruling.

Source: Legit.ng

Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng

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