Akpabio Accuses Former CBN Governor Emefiele of Election Sabotage

Accusation Against Former CBN Governor

Godswill Akpabio, the President of the 10th Senate, has made a startling accusation against the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

According to Akpabio, Emefiele attempted to sabotage the conduct of the last general election through the introduction of the naira redesign policy.

Senate Screening and Background

Akpabio made this allegation while addressing the Senate during the screening process of Olayemi Cardoso, the nominee for the position of CBN governor, and four deputy governor nominees for the central bank.

This accusation comes in the context of Emefiele’s tenure as CBN governor and his announcement in October 2022 regarding the redesign of N200, N500, and N1000 banknotes.

Naira Redesign Policy and its Impact

Emefiele’s policy announcement included plans for the new banknotes to enter circulation on December 15, 2022, with the old naira notes remaining legal tender until January 31, 2023.

However, the implementation of this policy, particularly its timing close to the general election, resulted in a shortage of naira notes, causing significant economic disruptions.

Akpabio’s Question to Cardoso

During the Senate proceedings, Akpabio posed a direct question to Olayemi Cardoso, the CBN governor nominee, about his potential involvement in politics.

He asked if Cardoso would follow in the footsteps of his predecessor, Emefiele, in engaging in political activities while serving as the central bank governor.

Election Sabotage Allegations

Akpabio’s questioning included probing whether Cardoso would resist the temptation to participate in politics, display campaign materials, or influence elections while holding the position of CBN governor.

The reference to the naira redesign policy in the lead-up to the election raises concerns about potential election interference.

These allegations and questions from Akpabio shed light on the intersection of financial policy, political activities, and the role of central bank governors in Nigeria.

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