Naira redesign: Political parties threaten to pull out of elections


THIRTEEN of the 18 registered political parties in Nigeria have threatened to withdraw from the 2023 general elections over the naira redesign policy of the Central Bank of Nigeria (CBN).

The political parties said they will withdraw from the election if the CBN extends the February 10 deadline for use of old naira notes as legal tender.

They commended President Muhammadu Buhari on the redesign of the N200, N500 and N1,000 banknotes and insisted that the policy must stand.

Speaking at a press briefing organised by a coalition of chairmen of political parties on Monday, February 6, the national chairman of the Action Alliance (AA), Kenneth Udeze, said the deadline fixed by the CBN must not be shifted.

“We hereby announce that at least 13 out of the 18 political parties in Nigeria will not be interested in the 2023 general elections and indeed we shall withdraw our participation from the electoral process if this currency policy are suspended or cancelled or if the deadline is further shifted,” he said.

The ICIR had earlier reported that the policy had generated reactions from different presidential candidates, with the flagbearer of the Peoples Democratic  Party (PDP) Atiku Abubakar urging Nigerians to channel frustrations over the scarcity of naira and fuel in the country to vote out the ruling All Progressives Congress (APC).

The presidential candidate of the Accord Party, Christopher Imumolen described the naira redesign as a good policy which is wrongly implemented.

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The CBN on October 26, 2022, announced the plan to redesign the three banknotes. The President unveiled the redesigned N200, N500 and N1,000 notes on November 23, 2022 and the apex bank initially fixed January 31 as deadline for the validity of the old notes.

The CBN also pegged weekly cash withdrawal limits at N500,000 for individuals and N5 million for corporate firms.

Following outcry by Nigerians, the CBN was forced to extend the deadline from January 31 to February 10.

The ICIR also reported that Buhari on Friday, after a meeting with some APC governors, begged Nigerians for seven days to resolve issues surrounding the naira redesign policy.


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