Implementation Of Cash Swap Policy Political – Wike Speaks

Implementation Of Cash Swap Policy Political – Wike Speaks

Rivers Governor Nyesom Wike has insisted that the Central Bank of Nigeria’s (CBN) ongoing shoddy implementation of the naira swap policy is political and has worsened the living conditions of the poor in society.

Wike emphasized that the purpose of the government and its agencies such as the CBN was not to inflict hardship on the people, but rather to alleviate it.

On Tuesday, the Governor spoke during the official presentation of his nomination letter for the “award of Independent Man of the Year 2022” by the management of Independent Newspapers at Government House in Port Harcourt.

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The Rivers Governor, in a statement issued by his Special Assistant, Media, Kelvin Ebiri, said the people were suffering as a result of the careless implementation of the naira swap policy and urged the government to urgently improve their situation.

He said: “We are in a difficult situation now. It doesn’t matter what anybody may say. The truth must be told at all times. Nigerians are suffering now and as a people we owe that responsibility to cushion the level of hardship that Nigerians are facing, we are not to worsen the situation.”

Wike stated that people were not necessarily opposed to the redesign of the N1000, N500, and N200 notes, but were concerned about the policy’s implementation and the hardship it had caused the masses.

“Nobody says, and let it be on record that there is nothing wrong with redesigning our naira. What we are saying is the implementation will not help, rather it will aggravate the condition that people face, particularly the poor people,” he said

Those who insisted that the naira swap policy would reduce corruption and eliminate vote buying during the general election were not sincere, according to him.

“The whole thing is political, and that is not what it is supposed to be,” he said.

Wike expressed regret that the CBN had failed to follow global best practices in the implementation of the naira swap policy.

He explained that the CBN should have ideally allowed the old notes to circulate alongside the new notes for at least one year before being completely phased out.

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