Changing Of Naira Should Not Be ‘Chaotic’- SDP’s Prince Adewole

The Social Democratic Party (SDP) Presidential Candidate, Prince Adewole Adebayo, has faulted the currency redesign policy of the Central Bank of Nigeria (CBN), saying currency swap should not be “chaotic”.

Prince Adebayo stated this on Sunday while featuring on Channels Television’s Interview.

The SDP presidential candidate said there were no policy or project management parameters behind the currency redesign initiative. He said the process of currency swap should not be “chaotic”, noting that the currency is central to the economy.

His words: “There is no policy behind it. There was no planning, definition of stakeholders, or project management parameters. No timeline and simulation done. The process is not supposed to be chaotic. The economy is a sensitive thing. Currency is so central to the economy because it is the means of exchange.”

Adebayo criticised the CBN governor for seeking the approval of the president for a one-week extension, adding that the apex bank should not be “subject to political interpretation”.

Ondo born lawyer turned Politician said Emefiele should have consulted with the board of the apex bank on the currency redesign rather than the president, who he said is a “political leader”.