STATEMENT OF THE NBA PRESIDENT, YAKUBU CHONOKO MAIKYAU, OON, SAN ON THE NAIRA REDESIGN POLICY: DEMAND FOR COMPLIANCE WITH THE JUDGEMENT OF THE SUPREME COURT IN SUIT NO.: SC/CV/162/2023 BETWEEN ATTORNEY GENERAL OF KADUNA STATE & 9 ORS. VS. ATTORNEY GENERAL OF THE FEDERATION & 2 ORS. DELIVERED ON 3 MARCH 2023.
At the wake of the Naira redesign policy embarked upon by the Central Bank of Nigeria (CBN), on the directive of the President, the NBA engaged in wide consultations with critical stakeholders in the country in order to assess the possible impact of the policy on the economy and the people of Nigeria. The NBA in a letter addressed to the CBN Governor dated 23 January 2023 articulated its position on the Naira Design Policy. The NBA commended the policy as it was expected to help stem corruption, make for easy detection of the funding of terrorism/other criminal activities and limit/allay fears of politicians’ using large sums of cash to buy votes in the elections.
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