Save Nigeria Movement Demands N2 Trillion Compensation for Consequences of Naira Redesign Scheme
The Save Nigeria Movement (SNM) has called on the Central Bank of Nigeria (CBN) to compensate Nigerians with the sum of N2 trillion for the consequences of the extended naira Redesign scheme. In a letter sent on July 6th and disclosed on Sunday, the Civil Society Organization urged the CBN to pay one trillion naira to Nigerians with bank accounts and another one trillion naira to those without bank accounts.
The SNM highlighted that the naira redesign policy, introduced in December 2022 and set to expire in February 2023, caused significant hardship to Nigerians. They referred to the Supreme Court victory, which extended the scheme but also confirmed the illegality of the CBN’s entire policy.
The group demanded immediate compensation for every Nigerian affected by the economic consequences of the scheme, emphasizing that failure to meet their demands within seven days would result in legal action.
Opinion:
The demand for compensation by the Save Nigeria Movement highlights the importance of accountability and responsibility in policy implementation. While economic policies can have far-reaching consequences, it is essential for authorities to consider their impact on citizens. The call for compensation underscores the need for transparent and equitable decision-making processes by regulatory bodies. It is crucial for the CBN to address these concerns and engage in dialogue with affected citizens to find a resolution and restore public trust in its policies.