2023 Election: Top Politicians With Billions in Cash Move Against Naira Redesign, CBN Reveals

• The real reason why politicians are against the redesigning of naira notes supported by President Muhammadu Buhari has emerged
• According to a recent report, politicians who stashed billions of Naira outside the banking system to fund the 2023 general election are not in support of the naira redesign
• Meanwhile, the move by the CBN to redesign the naira was aimed at fighting corruption, checkmating money laundering, eliminating counterfeits, and ending the hoarding of the Naira by kidnappers and others

Indications have emerged that politicians who stashed billions of Naira outside the banking system to prosecute the 2023 general election have moved against the planned reintroduction and redesign of Nigeria’s currency by the Central Bank of Nigeria (CBN).

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These politicians, it was learned, have mobilised the National Assembly to pass a resolution against the Naira redesign as several lawmakers may have stockpiled cash for the 2023 general election, THISDAY newspaper gathered.

Politicians are not in support of the Naira redesign by CBN

Investigation revealed that many of the politicians who have perfected plans of rigging next year’s election through vote-buying and had stock-pilled the Naira in their houses, offices and other hidden places, have perfected plans to ambush this apex bank’s initiative, which has received accolades from President Muhammadu Buhari and financial and economic experts.

The newspaper gathered that these politicians who feared that they might not return billions of Naira into the banking system within the three months – November 2022 to January 2023 specified by the CBN without breaching the Money Laundering Act and attracting the attention of the Economic and Financial Crimes Commission (EFCC), are mobilising some members of the National Assembly to pass a resolution against the Naira redesign.

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Politicians move against CBN, mobilise lawmakers to stop Naira redesign

Multiple sources close to the federal lawmakers told THISDAY on Saturday, November 12, that these politicians want the National Assembly to pass a resolution directing the CBN to shift the Naira redesign till after the 2023 general election.

“These politicians are believed to have kept large amounts of cash in their houses and other hidden places and they believe that three months will be too short for them to return these funds to the banks without being indicted by the EFCC for money laundering and other related crimes,” one of the sources told THISDAY.

To show that the policy has his firm backing, President Buhari had last Wednesday declared that there was no going back on the planned redesign of the bank notes and that three months was enough for Nigerians to deposit the current notes at the banks.

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President Buhari sends important message to Nigerians over naira redesign

President Muhammadu Buhari has declared his support for the redesigning of naira notes. The president added he does not understand why some Nigerians are complaining.

Buhari said this while speaking in London. According to him, there is no going back on the plan despite criticisms.

He said:

“With this change of currency, I think there will be issues with a lot of money but time is being given from October to December.”

“Three months is enough for whatever money you have to get it changed through a legal system. So I do not know why people are complaining. There is no going back.”

"They're bringing the money out": Nigerian lady shares video of bags of naira notes being deposited in bank

Meanwhile, a young Nigerian lady, @tomiebaby, has gone online to share a video showing a bank customer depositing huge bags of old naira notes in the bank.

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The lady said she was in the bank to withdraw her last N1,000 when she witnessed the scene, suggesting that the person was most probably depositing the notes they have been hoarding in the house.

When a social media user pointed out that the person may actually be making a withdrawal, she affirmed that it was indeed a deposit transaction.

Source: Legit.ng