The Central Bank of Nigeria (CBN) has received praises from Nigerians for its recent policy aimed at redesigning the naira.
The recent praises being heaped on the country’s apex bank follows the resurfacing of the naira notes which were printed in 2007.
Many believe the circulation of the 2007 naira notes is as a result of the new CBN policy which the federal government had said will affect Nigerians hoarding and stacking the naira notes
See Reactions
@Ada Gaius wrote: “Sbebi I have said this before, our naira should have expiry date. That way, monies of 1900 cannot be used in 2022. Only 5yrs expiry date will force them to spend it in the economy before it becomes useless.”
Meanwhile, in another story, President Muhammadu Buhari on Sunday submitted that Nigerians with illicit cash and those who bury money under the soil will have a challenge with the new policy aimed at redesigning the naira.
In the same vein, the president noted that workers and businesses with legitimate incomes will face no difficulties at all.
Buhari, who spoke in a Hausa radio interview which was transcribed by Garba Shehu, his Senior Special Assistant on Media and Publicity, said reasons given to him by the CBN convinced him that the economy stood to benefit from reduction in inflation, currency counterfeiting and the excess cash in circulation upon the policy’s implementation.
Notwithstanding, he added that the decision of the Central Bank of Nigeria (CBN) to launch new designs and replace high value Naira notes had his support.
Meanwhile, Nigerians had began to wonder if the people against the Federal Government’s move to redesign the naira are guilty of hoarding the embattled currency.
These views came after popular cleric, Sheikh Ahmad Gumi slammed the Federal Government over the move.
In a reaction on his Facebook page on Saturday, Gumi noted that the timing of the redesign was not right and that Nigerians living in rural areas would bear the brunt of the move.
What Gumi Said
Part of the piece, which he titled, “Changing the Naira: This is no time for economic kamikazel’ read, “No matter how ingenious the hatchers may romanticize; the benefit will remain phantom since the reality on the ground is incongruous and it spells doom for the escapade.
“Eighty per cent of Nigerians especially rural people depend on cash transactions. A sudden change to a cashless or cash-starved society will mean pauperising them in a spate of a short time that could trigger- God Knows an unprecedented socio economic turmoil in this semi-skilled or unskilled population.
“This kind of program is not for a government that is in the throes of its demise. If there is any advantage of such adventures, it usually comes after many years of excruciating poverty and hardship which no well meaning government should hand over such cruelty to another incoming government to manage. Had it been started in 2015, it could be logical since the same government will bear the consequence of its action.”
Gumi’s article came after the Central Bank of Nigeria (CBN) said the planned redesign of new Naira notes is 12 years overdue and that it had sought the consent of President Muhammadu Buhari on it.
The CBN said this in reaction to claims by the Minister of Finance, Budget and National Planning, that her ministry was not consulted about the move.
Noting that it is surprised by Ahmed Zainab’s comment, CBN spokesperson, Osita Nwanisobi in a chat with journalists, insisted that the CBN remains a very thorough institution that follows due process in its policy actions and that Nigerians should support the Naira redesign project as it is for the greater good of the economy.
Nwanisobi maintained that the Management of the CBN, in line with provisions of section 2(b), section 18(a). and section 19(a)(b) of the CBN Act 2007, had duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign, produce, release and circulate new series of N500, and N1,000 banknotes.