Babatunde Fashola, minister of works and housing, says the Central Bank of Nigeria’s (CBN) naira redesign policy “is hurting Nigerians” and needs to be reviewed.

The main bank has set February 10 as the new deadline for redemption of the old naira notes.

It initially set a January 31 deadline, but many Nigerians have been unable to obtain the new N200, N500 and N1000 notes, leading to a shortage.

Speaking to Morayo Afolabi-Brown, a talk show host, on Instagram Live on Wednesday, Fashola said Bola Tinubu, the All Progressive Congress (APC) presidential candidate, was fighting for Nigerians when he raised concerns about shortages. of the new banknotes.

“I have sympathy for the Nigerian people and what they have been through. Sometimes policies develop like this in the implementation process, sometimes everything ends well, and sometimes it requires reconsideration and revision,” Fashola said.

“Although CBN has acted within the spirit and the letters of its independence by law, it is important to remember that we serve the public and the public says they are hurting, it is important to step back and ask where it hurts and how we can make it better. It should not be a matter of ego.

“All credit must go to our candidate for being one of the first strong voices, the first voice of the candidates to speak in Abeokuta.

“Though some were quick to say that he was fighting Buhari or fighting his own party, but it is his nature as a fighter for the people. Our candidate has not said don’t change the naira but he is hurting people.

“So the implementation needs an overhaul.”


The minister said he was never a puppet of Tinubu while he was governor of Lagos, but consulted with him because of “his experience.”

“When I was governor I realized that someone sat in my chair for eight years, that person is still alive, that person has had time to reflect, that person would have been wrong and I told myself if I wanted to succeed I shouldn’t learn from my own mistakes. , I must learn from their experience,” he said.