CBN Should Apologise To Nigerians For Naira Scarcity, Says Adamu Garba

A stalwart of the All Progressives Congress (APC), Adamu Garba, says the Central Bank of Nigeria (CBN) owes Nigerians an apology over the widespread scarcity and ensuing travails resulting from its naira swap policy.

Following the redesign of the N200, N500, and N1,000 banknotes in November 2022, Nigerians deposited their old currencies in line with the initial January 31 deadline, which the apex bank later extended to February 10.

However, an interim injunction granted by the Supreme Court restrained the CBN from carrying out the implementation.

“I believe that the Central Bank owes Nigerians an explanation properly, and an apology and transparency,” Adamu said on Tuesday during a live appearance on The 2023 Verdict, a special election programme of Channels Television.

“These things are very clear. This is the situation that we have in the country and we need transparency.

“We need to understand how much goes to each of the banks so that Nigerians can be able to channel their own energies to go where they need to access cash.”

Adamu, who is also the Deputy Director, Media, APC Independent Presidential Campaign Council (PCC), however, absolved President Muhammadu Buhari of blame, saying the policy is well-meaning.

Asked further about the President’s share in the blame, given a similar policy was implemented in 1984 during his military government, Adamu argued that Buhari meant well for Nigeria when he took the decision four decades ago.

“And this same time, he also meant well for Nigeria,” he said. “The policy itself was not a bad deal. We’re transitioning from a normal cash economy to a Central Bank digital banking system.”

Adamu described the naira swap policy as “completely revolutionary” which he said would help Nigeria. 

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According to him, it is the implementation process is problematic “and the organ responsible for the implementation is the CBN.”