Nigeria’s National Security Adviser (NSA), retired Maj-Gen. Babagana Monguno, has warned that the naira redesign policy of the Central bank of Nigeria (CBN) is affecting the fight against insecurity in the country.
He stated this on Thursday before an ad hoc committee of the House of Representatives on the change of currency and cashless policy in Abuja.
Monguro, who was represented by the Head of Defence Rear Admiral Abubakar Mustapha, explained that Nigerian soldiers on the frontlines in remote areas cannot actually access digital means of paying for their daily subsistence.
He urged the committee to articulate better ways of actually addressing the naira redesign policy.
Detrimental policy: The NSA warned that even in developed nations, such a policy, if not properly thought-out and implemented, would affect military operations. He added that Nigerian soldiers who are deployed in remote areas do not have access to digital (cashless means) of paying for daily subsistence. He said:
- “Because of the sensitivity of some of this information that will come and bordering on security, there are things we cannot say in the media. Globally, military operations, even in first world countries, such policies, if not well properly thought out, will affect some certain operations.
- “Some of our soldiers are deployed in places where they cannot actually access digital means of paying for their daily subsistence; that is the main issue that NSA has been talking about. It is important that this committee sits down and articulates better ways of actually addressing these issues.”
Committee’s response: Chairman of the committee, Rep. Ado Doguwa said that the committee was interested in the implications of the policy on national security, adding that they would interface with major stakeholders to determine the effect of the policy on the economy.
The Committee chair also revealed that their interactions have shown the naira redesign policy is affecting Nigeria’s agriculture, economy and security value chains, and the meeting to February 10th e to meet with the Minister of Finance and Nigerian Printing and Minting.
In case you missed it: Nigeria’s Minister for Justice and Attorney-General of the Federation (AGF), Abubakar Malami, asked the Nigerian Supreme Court to dismiss a lawsuit by three states (Kaduna, Zamfara, and Kogi States) over the naira redesign policy of the Central Bank of Nigeria (CBN).
Malami argued that the plaintiffs have not shown any reasonable cause of action against the defendant.
