CISLAC to cenbank: Redesigning naira notes is not an economic priority | TheCable
Auwal Ibrahim, executive director of CISLAC, made this known in a statement on Thursday.it redesigned the country’s currency notes of N200, N500 and N1000 — with circulation expected to begin in mid-December.
“Firstly, the CBN’s decision to redesign and reissue new 200, 500 and 1000 notes is not an economic priority and barely a solution to addressing Nigeria’s poor monetary policy challenges and growing economic woes,” he said. “The reasons for this decision seem no different from those given for the forex demand management strategy which resulted in a non-satisfactory conclusion as the artificially low exchange rate failed to be as reflective of the market as possible to improve supply, but this time, it only threatens damning economic consequences for Nigerians.
So far, Ibrahim said the macro-economic and monetary policies of the CBN has “brought untold hardship” to the productive and service sectors of the country’s economy.“The apex bank has floated multiple exchange rate regimes and has been accused of facilitating arbitrage between the parallel and official foreign exchange markets, providing huge financial patronage and extending forex-based favours to allies,” Ibrahim said.