On Tuesday, during the screening of Olayemi Cardoso, the nominee for the position of CBN governor, and four deputy governor nominees, Senate President Godswill Akpabio accused former CBN Governor Godwin Emefiele of attempting to sabotage the last general election through the introduction of the naira redesign policy. Emefiele had announced in October 2022 that the CBN planned to redesign N200, N500, and N1000 notes, with the new notes in circulation by December 15, 2022.
The old naira notes would remain legal tender until January 31, 2023. This policy, implemented close to the general election, resulted in a scarcity of naira notes that disrupted the economy.
Akpabio questioned Cardoso if he would also engage in political meddling like his predecessor, emphasizing the need for the CBN governor to uphold integrity and resist political pressure. He referenced the incident where politicians allegedly influenced Emefiele to introduce new notes just days before the election. Akpabio's comments suggest concern about maintaining the independence and non-partisan nature of the CBN's role in Nigeria's economic and political landscape.
