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SDP Presidential Candidate Prince Adewole Adebayo

Prince Adebayo Faults CBN Policy On Naira Redesign

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The presidential candidate of the Social Democratic Party (SDP), Prince Adewole Adebayo, has faulted the currency redesign policy of the Central Bank of Nigeria (CBN).

Prince Adebayo was speaking to Channels Television in an interview on Sunday.

Speaking during the interview, the SDP presidential candidate said there were no policy or project management parameters behind the currency redesign initiative.

He said the process of currency swap should not be “chaotic”, noting that the currency is central to the economy.

“There is no policy behind it. There was no planning, definition of stakeholders, or project management parameters. No timeline and simulation done,” he said.

“The process is not supposed to be chaotic. The economy is a sensitive thing. Currency is so central to the economy because it is the means of exchange.”

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Adebayo criticised the CBN governor for seeking the approval of the president for a one-week extension, adding that the apex bank should not be “subject to political interpretation”.