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NSA raises concern over Naira swap

The National Security Adviser (NSA) Major General Mohammed Mungono (rtd), says the change of currency and cashless policy of the Central Bank of Nigeria (CBN), may affect operations of troops on the field.

Monguno made the observation when he appeared before an Ad hoc Committee of the House of Representatives on change of currency and cashless policy in Abuja.

Represented by the Head of Defence Unit, Rear Admiral Abubakar Mustapha, the NSA said that even in advanced countries, such policies could affect operations of troops if not well managed.

“Globally, even in first world countries, such policies, if not well properly thought out, will affect some certain military operations.

“Some of our soldiers are deployed in places where they cannot actually access digital means of paying for their daily subsistence”. he noted.

Monguno stressed the need for the committee to sit down and articulate better ways of addressing the issues.

The Chairman of the committee, Mr Ado Doguwa, said the committee was interested in the implications of the policy on national security.

He said that the committee would interface with major stakeholders to determine the effect of the policy on the economy.

Mr Doguwa noted that from what the committee had so far gathered, the policy posed a challenge to agriculture, economy and security.

According to him, it is unpopular among the people, caused hardship and may affect the forthcoming election.

Mr Doguwa adjourned the meeting to February 10 for the committee to meet with the Minister of Finance and the leadership of Printing and Minting as well as the Chairman of the Independent National Electoral Commission INEC.

Reporting by Ibrahim Shehu; Editing by Adeniyi Bakare & Julian Osamoto