CBN Governor has no moral justification to insist on deadline of Old Naira notes.
Otunba Abdulfalil Abayomi Odunowo the National Chairman of AATSG during his press briefing has condemned the CBN as been irresponsible and a saboteur of the economy by creating untold hardship to Nigerians. At best he should be considered no one enemy of the Nigerian people.
Odunowo said ordinarily there was nothing wrong with the policy if properly and timely implemented and also that CBN governor was able to convince the president of the need to for this policy of changing Nigerian currency, but it’s obvious that all the parameters used to do this where wrong.
Based on statistics available Nigeria does not have any issues with the amount of currency in circulation based on the 2022 data provided by the IMF on currency circulation to GDP across the world Japan tops the chat with 18.61% while China was 9.34% , United States of America was put at 7.38% and the United Kingdom is 4.07% while Nigeria and Norway 1.53% and 1.43% respectively are the lowest. With this kind figures what exactly is the basis for the currency change?
it goes to show that there really was no issue of more currency in circulation in Nigeria.The CBN Governor and management have failed in both the need and implementation like they promised Nigerians.
that will get new from there banks from 1st of January to 31st of January. Even though with pressure they extended till the 10of February
This was not true as during this period all the commercial banks where still dispensing old notes from there banks as against the new notes that was promised, the team went around and the commercial banks claimed there where inadequate new notes which necessitated payment of old notes during the period that new notes should be paid, based on that the CBN failed in is implementation plan of this policy as such cannot punish Nigerians for his bad implementation by creating untold hardship on commercial trading and the generality of the people also holding Nigerians hostage by this policy.
Coupled with the fact that the Supreme Court had already given an interim judgement extending this, in my opinion does the CBN and his management believe they are beyond the law of the country or they should not be accountable to the orders of Supreme Court.
The way and manner this policy is been handled does not look as though the process was meant in the best interest of Nigerians, how can you pay your money to your bank and you are not been paid we appeal to president to ensure that this bad intention policy does not spoil all the good work he has seen doing in the country in the past seven years.
