Naira swap extension: CNPP calls for sanctions against banks for hoarding

By Ikechukwu Okaforadi

Conference Of Nigeria Political Parties (CNPP) has commended President Muhammadu Buhari for approving a 10-day extension of the deadline for the swapping of old currency to the newly redesigned Naira notes.

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, had during his visit to the President at his Daura country home disclosed that President Buhari had approved the extension of the deadline after their closed door meeting to enable Nigerians, who were yet to exchange their old Naira notes with new ones, have opportunity to do so.

The CNPP, in a statement signed by its Secretary General, Willy Ezugwu, on Sunday, urged the apex bank to ensure that commercial banks do not hoard the new notes again, calling on all security agencies to immediately swing into action, “as a matter of patriotic duties to ensure that the new notes do not find their way into bullion vans belonging to some politicians and their allies.”

While calling on the people to ensure that they utilise the opportunity provided by the new swap window to immediately get their old notes exchanged, the CNPP hailed President Muhammadu Buhari “for showing the political will to keep to his promise that no politician would be allowed to compromise the ongoing electoral process.

“The CNPP has been observing with keen interest the ongoing currency swap and has a reasonable suspicion that there are anomalies which could be attributed to some commercial banks and politicians bent on sabotaging the efforts of President Muhammadu Buhari on ensuring free, fair and credible elections in 2023.

“For this reason, we call on all security agencies, including the Economic and Financial Crimes Commission (EFCC), the Department of State Services (DSS), and the Nigeria Police Force, to carry out already issued presidential orders on ensuring that no money bag-politician compromises the 2023 electoral process.

“The best legacy of President Buhari administration is the redesigned high denominations of the Naira notes, comprising N200, N500 and N1,000, which have become legal tender since December 15, 2022, after they were unveiled by President Buhari on November 23, 2022, in Abuja.

“We equally call on the House of Representatives to target commercial banks and their collaborators who have been hoarding the new notes, not the CBN Governor, Mr Godwin Emefiele, who is simply following presidential directives.

“From the continued attack and threats on the CBN Governor, rather than cooperating with President Buhari administration to ensure the success of the ongoing cashless policy of the federal government, federal lawmakers are now making Nigerians believe that they are working to sabotage the President’s good intentions.

“We therefore urge the authorities to ensure that banks and individuals hoarding the new notes are appropriately sanctioned in accordance with the law”, the CNPP stated.