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Naira redesign: CUPP warns against extension




THE Coalition of United Political Parties (CUPP) has warned against attempts by the legislative arm of government to extend the deadline for submission of old naira notes.

CUPP spokesperson Ikenga Ugochineyere faulted moves by some members of the House of Representatives to extend the deadline while speaking at a press briefing in Abuja, themed ‘New Danger Ahead of the 2023 General Election’.

Ugochineyere said All Progressives Congress (APC) members in the House of Representatives were behind the plot to extend the use of the old naira notes.

“The APC upon its control of the House of Representatives seeks the urgent amendment of two laws – the Central Bank Act and the Decimal Currency Act in the Currency Change Procedure Bill 2022.

“These two laws provide in Section 43 of the Decimal Currency Act and Section 23 of the CBN Act for notice of three months by the CBN for the redesigning of the naira. This informs why the current note in circulation would cease to be legal tender by January 31, 2023.

“But we have been informed of a draft bill by the speaker Gbajabiamila and six other APC members of the House of Representatives who want to quickly pass the law to allow produce notice for exchange of the naira to be extended to six months after the 2023 general election which means those with money in their warehouses can use it buy votes in the 2023 election,” he said.

The CUPP spokesperson stressed that the attempt to extend the tender date was self-motivated.

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“None of these representatives has ever proposed an urgent bill to ease the situation of victims of natural disasters or help the casualties of insecurity in the country,” he added.

Ugochineyere called on the legislature to desist from the move to extend the date for the submission of old naira notes.

“We call on the APC leadership to call their its members in the House of Representatives to order. We commend the Central Bank Governor, Godwin Emefiele for this policy at this time, so that as we enter into 2023 all the money in the warehouses would come out and go to our banking hall.

“It is a huge plan to counter money laundering, corruption and attempt to use the money to buy votes ahead of 2023 General Election.”

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