The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, has expressed alarm about the naira’s precipitous decline since the Central Bank of Nigeria announced the redesign of its currency (CBN).
Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), announced the decision to redesign the naira notes on October 26 in order to manage the money supply and support security agencies in combating illicit financial movement.
Many Nigerians, including Godwin Obaseki, the governor of Edo State, protested the CBN’s decision, which sparked outrage.
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The cleric spoke on Friday at the Lagos-Ibadan expressway church’s headquarters during the RCCG’s November holy ghost ceremony.
He stressed that the policy “does not make sense” amid the free fall of the naira against foreign currencies.
Adeboye said the decision-makers initiated the policy without considering the current value of the naira and the prices of basic items in the country.
He said;
You know what is going on in our country. It doesn’t even make sense anymore. Our naira now is not even worth the paper it is printed on.
While people are hungry, trying to find enough money to buy bread to eat, our bosses are thinking of making the naira more beautiful, even if it can’t buy bread, at least, it will look beautiful.
We have problems in the land now. Things seem to be getting funnier and funnier. If you don’t learn to laugh in Nigeria now, you will develop hypertension.
The CBN cited high circulation volume of the naira outside bank vaults, counterfeiting of the currency, short supply of clean notes, and prevalence of currency mutilation as some of the reasons it is redesigning the naira.
