REDESIGNING NAIRA WILL STABILIZE THE ECONOMY — DR. IBIDA
RRPORTER: KEVIN EKEDIEGWU
The Lawmaker representing Njikoka II Constituency in the Anambra State House of Assembly, Dr. Pete Ibida, has applauded the Central Bank of Nigeria (CBN) for initiating the redesigning of the naira.
Dr. Ibida said the apex bank wanted to use the redesigning of naira notes to stabilize the nation’s financial system, describing the timing as apt, as the country prepared for 2023 general elections.
Dr Ibida stated this in an exclusive interview with Radio Nigeria in Awka, the capital of Anambra State.
Dr. Ibida, who is the Chief Wipe of the House, was of the opinion that there had been so much abuse of naira notes in the country emphasizing that some people had been stashing money in their various homes.
He explained that the stashing of money had been causing inflation in the polity.
The lawmaker observed that since the idea of redesigning of naira came into the limelight, many discoveries of stashed naira notes had been made.
Dr. Ibida, who is also a financial expert, pointed out that where there was an outflow of money, there must be an inflow to enable the financial system to be stable.
He said stashing of money in developed countries was a serious offence, which could attract capital punishment.
EDITED BY CHUKWUBUIKE MADU
