Naira Redesign Policy Under Buhari’s Presidency: Devastating Effects – Prof. F.O Iloh

The post discusses the negative consequences of the Naira redesign policy implemented by the Buhari administration in Nigeria. The By Prof. F.O Iloh argues that the redesign was not meant to benefit the people but rather to emasculate the opposition.

The post highlights how the redesign led to scarcity and high cost of the Naira, making it difficult for people to access basic necessities such as healthcare.  Prof. F.O Iloh also points out that the government ignored court orders to suspend the policy, causing continued suffering for the people.

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Recently, the Nigerian Supreme Court declared that the old notes remained legal tender until December 31, 2023. However, banks started dispensing old notes but refused to collect them from the public, causing confusion. Prof. F.O Iloh said that the government has not made a policy statement on the Supreme Court ruling, but the Central Bank of Nigeria has now authorized the old notes as legal tender.

Overall, he also argues that the Naira redesign policy has caused suffering, death, and upheaval for Nigerians, with no tangible benefits for the people. The post also criticizes Buhari’s presidency, stating that he lacks the capacity to lead a multi-ethnic federation like Nigeria

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According to Prof. F.O Iloh on Facebook;

He Wrote:

Suffering Redesigned

When APC put forward Muhammadu Buhari as its presidential candidate, I pointed out repeatedly that Buhari’s presidency would be a disaster for Nigeria. I wasn’t sentimental. Politically, judging from 1983/1984, even corpses know that Buhari lacks the requisite capacity to be a mere local government chairman, let alone the president of multi-ethnic federation like Nigeria.

Let me dwell on the stupidity dubbed naira redesign. In truth and in fact, all the reasons being hawked about by the teeming masses, as being the objectives for the naira redesign, is true. I have always argued that the redesign mania was a political strategy, designed to emasculate opposition. The comfort of Nigerians was never factored into the equation at all. I laughed when some Nigerians regarded the infantile naira redesign as constituting cashless policy.

How do you rationalise a government that clampdown on people’s property (their money) and turned them into beggars. Nigerian naira became scarce and costlier than human eyes. In all these, the president and his household are swimming in comfort and leisure. To get ten thousand naira, you will forgo three thousand naira. Businesses collapsed and still collapsing; people’s health took a downturn for the worse, as they had no cash to access health. Buhari looks on like Nero of Rome. Buhari’s cash redesign has designed and gotten deaths, sicknesses, depressions, upheaval for Nigerians.

The court was brought into the equation. The Nigerian Supreme court stayed action on the policy but the government shunned court order. And the suffering continued.

About twelve days ago, the Supreme court declared that all the redesigned notes (old notes) remained legal tender till 31st December 2023. In what appeared to be a scene from the theatre of the absurd, banks started dispensing old notes to the public and at the same time refused to collect same from the public. That’s laughable, I hear you say.

Neither the president nor CBN has made a policy statement on the Supreme court ruling on the status of the naira notes. And the suffering continues.

Today, Nigerians woke up to hear that the Central bank of Nigeria has authorised that the outlawed old notes are now legal tenders. What profiteth Nigerians of Buhari’s Naira redesign? Nothing only suffering, death, gnashing of teeth, tears and blood.

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