Minister Ngige Defends Benefits of CBN’s Naira Redesign Policy Despite Challenges

Minister Ngige Defends Benefits of CBN's Naira Redesign Policy Despite Challenges
Chris Ngige

Minister of Labour and Employment, Chris Ngige, has defended the naira redesign policy of the Central Bank of Nigeria (CBN) despite the challenges it has posed for Nigerians. Speaking on Channels Television’s Politics Today programme, Ngige explained that the policy had benefits for the country, even though the implementation process was not smooth enough.

While acknowledging that the policy caused pain for Nigerians, the minister argued that it had its benefits, such as reducing vote-buying during elections. He noted that he had personally witnessed people not exchanging cash for votes during elections since the policy was implemented. Additionally, Ngige claimed that the policy had helped to reduce criminal activity in the country, with kidnappers and bandits taking a break or going on holidays.

Regarding the recent threat of a strike by the Nigeria Labour Congress (NLC) over the scarcity of the naira, Ngige reassured Nigerians that the CBN had released cash into the society, and that the pain caused by the scarcity would ease off in the days to come.

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