News - Politics - February 6, 2023

Naira Redesign: 13 Parties Threaten to Pull Out of 2023 Elections

Lois Agada February 6, 2023

3 min read

Thirteen out of the 18 political parties announced by the Independent National Electoral Commission (INEC) as contenders in the 2023 election in Nigeria have threatened to quit the February 25 and March 11 general elections. Reports say the naira redesign policy of the Central Bank of Nigeria (CBN) formed the basis of their threat.

Speaking at a briefing of a coalition of chairmen of political parties on Monday, the parties stated that they would resign from the electoral race, if the new deadline of February 10, 2023, is not extended as demanded by some governors of the All Progressives Congress (APC).

The parties commended President Muhammadu Buhari on the redesign of the N200, N500 and N1,000 banknotes. They also talked against the Kaduna, Kogi and Zamfara State Governments for taking the case to the Supreme court. The National Chairman of the Action Alliance, Kenneth Udeze, disclosed this to newsmen after their meeting.

FG in Supreme court over naira scarcity

The Kaduna, Zamfara, and Kogi States earlier headed to the Supreme Court to get a court injunction to extend the deadline for the validity of three old notes. They also expressed worries over the effect of the CBN naira redesign policy on the residents of their states.

Their lawyer, Abdul Hakeem Uthman Mustapha (SAN) named the Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN) as the sole Respondent in the suit.

In an ex-parte motion, Mustapha noted that “Unless this Honourable Court intervenes, the Government and people of Kaduna, Kogi and Zamfara State will continue to go through a lot of hardship and would ultimately suffer great loss as a result of the insufficient and unreasonable time within which the Federal Government is embarking on the ongoing currency redesign policy.’’

Recall that President Muhammadu Buhari had on Friday, February 3, 2023, asked for a 7-day period to address the problems associated with the exercise. His request came after his meeting with APC Governors.