A growing chorus of analysts and civil society voices is branding the Central Bank of Nigeria’s handling of surplus naira as deliberate economic sabotage. Critics argue that the apex bank’s policies have not only failed to stabilise the economy but have actively inflicted hardship on Nigerians.
A principal concern centres on the CBN’s accumulation and withholding of domestic cash, a move seen as generating artificial naira scarcity. The bank’s oversized intervention in the money markets—offering high-yield Treasury bills to mop up liquidity—has drawn particular criticism. These operations, while aimed at controlling inflation, have also driven up interest rates and restricted access to credit for businesses and households. In effect, the CBN has squeezed the economy by simultaneously removing currency from circulation and tightening lending—moves that disproportionately burden small enterprises and livelihoods.
Critics highlight that by substituting substantial foreign exchange inflows with naira at fixed internal rates, the CBN triggers an oversupply of domestic currency. This surplus then chases a limited forex supply, weakening the naira and stoking inflation—compounding the very issues the central bank aims to tackle.
Human rights advocates have labelled the resulting cash crunch an assault on Nigerians’ economic rights. They point to distressing scenes across the country—long queues at ATMs, bank closures, and widespread inability to access one’s funds. The most vulnerable—rural dwellers, artisans, traders—are being hit especially hard. Restoring trust and cash availability have become urgent demands.
The controversial naira redesign, intended to curb vote-buying and hoarding, has been marred by poor execution and allegations of systemic hoarding. Instances of new notes being stockpiled by elites or bank insiders further exacerbated scarcity, leading to public outcry and accusations of sabotage.
Some governors and analysts have described the mishandling of the redesign as intent-driven, suggesting that printing far fewer notes than claimed points to premeditated disruption rather than mere logistical fails.
Observers argue that until the CBN demonstrates accountability, transparency, and a genuine commitment to liquidity and access, public confidence will remain eroded. There is growing demand for the bank to realign its actions with its mandate—supporting economic growth and stability rather than subordinating it to speculative or political ends.
The debate over whether the CBN’s moves constitute necessary monetary tightening or deliberate economic sabotage is far from settled. What is clear, however, is that the fallout from its policies continues to ripple across the country, and Nigerians expect more than technical fixes—they expect fairness, reliability, and an economy that works for all.
