Market News
Controversy trails unveiling of new currency redesign - DAILY POST
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Mixed reactions have continued to trail the unveiling of the redesigned naira notes.
While some expressed anger that the Federal Government had abandoned its responsibilities and issues that demand immediate solutions, such as insecurity, fuel scarcity, increasing unemployment, and food scarcity, others believe it has a hidden motive for the sudden decision.
A political analyst, Dr Reuben Omachi, also a former lecturer at the Usman Danfodiio University, Sokoto, said the All Progressives Congress-led government wants to stay in power beyond 2023 and is, therefore, making it difficult for the opposition parties to stock enough money to fight back.
Also speaking in an interview with DAILY POST on Friday, Dr. Moses Unubi, said the unveiling would take Nigerians back as it will take locals several months to understand and master the new currency notes.
According to Mr. Donatus Umoru, a political science student at the Ahmadu Bello University Zaria, he said the government was not interested in good governance, rather finding ways to make people poorer.
According to him, the rich who have stored up wealth for themselves, may equally become poor, since all eyes are on those who make huge deposits of old notes in banks.
Mrs. Susan Adokole felt the currency redesign would increase inflation, since more money will continue to chase few foodstuff/goods.
According to her, “even if the country wants to change currency, it should have given more time for people to either make deposit or use the money to buy goods and keep.”
She blamed the President Muhammadu Buhari-led governnent for making life difficult, adding that the federal government abandoned its primary responsibilities for a decision that would make Nigerians poorer.
