Due to the Naira redesign, 13 political parties have threatened to boycott the 2023 elections
Out of the 18 political parties in Nigeria, “thirteen” have vowed to boycott the upcoming elections on February 25 and March 11 due to the Central Bank of Nigeria’s currency redesign policy (CBN).
The “13 parties” applauded President Muhammadu Buhari on the redesign of the N200, N500, and N1,000 banknotes during a briefing given by a coalition of political party chairmen on Monday.
The parties stated that if the new deadline of February 10, 2023 is moved as some governors of the All Progressives Congress have urged, they will not be interested in the polls (APC).
The “13 parties” also criticized the state governments of Kaduna, Kogi, and Zamfara for petitioning the Supreme Court for an order extending the deadline for the validity of three old notes.
“We hereby announce that at least 13 out of the 18 political parties in Nigeria will not be interested in the 2023 general elections and indeed we shall withdraw our participation in the electoral process if this currency policies are suspended or cancelled or if the deadline is further shifted,” said Kenneth Udeze, national chairman of the Action Alliance, in a press conference.
The CBN revealed its intention to redesign the three banknotes on October 26, 2022. On November 23, 2022, the President revealed the revised N200, N500, and N1,000 notes; the apex bank set a deadline for the existing notes’ usability of January 31.
Additionally, the CBN set weekly cash withdrawal caps of N500,000 for private persons and N5,000,000 for corporate businesses.
The apex bank responded to complaints from many Nigerians by extending the deadline from January 31 to February 10 and claiming that the President had given his permission.
Following a meeting with certain APC governors on Friday, Buhari requested seven days to make a significant decision about the strategy.
