The naira redesign policy of the Central Bank of Nigeria (CBN) has brought suffering on the citizens while endangering the economy, the Lagos State House of Assembly has lamented.
The lawmakers noted that the wrong timing of the good policy has thrown the country further into economic chaos, which could become difficult to resolve if urgent steps are not taken.But at plenary presided over by the Speaker of Lagos Assembly, Mudashiru Obasa, yesterday, the lawmakers urged the CBN to further extend the deadline, while commending the National Assembly for seeking extension.
“Economists have said that most times new currency cannot be used to control inflation; it doesn’t achieve the purpose most times,” Obasa said, adding that the intention of the policy, as claimed by CBN, had been defeated, considering the various complaints from experts and other people across the country.
He said: “There are people in the rural areas. It is obvious that the additional 10 days is not even going to be enough. The idea is a good one, but the way it is being implemented will have an adverse effect on the people.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lagos orders probe of Ojuelegba accident | The Guardian Nigeria News - Nigeria and World NewsThe Lagos State Governor, Babajide Sanwo-Olu, has ordered a probe into the accident that happened in Ojuelegba that claimed nine lives on Sunday, January 29, 2023.
Read more »
Lagos pensioners canvass support for Tinubu, Sanwo-Olu | The Guardian Nigeria News - Nigeria and World NewsNigeria Union of Pensioners (NUP), Lagos State, yesterday, staged a ‘Solidarity Walk’ in support of All Progressives Congress (APC) presidential candidate, Bola Tinubu, and Governor Babajide Sanwo-Olu of Lagos, on February 25 and March 11 general elections.
Read more »
Elections: INEC meets Lagos Obas, seeks support | The Guardian Nigeria News - Nigeria and World NewsThe Independent National Electoral Commission (INEC) in Lagos State on Tuesday reeled out electoral offences and penalties and sought support of traditional rulers in educating their subjects to be law-abiding.
Read more »
Lagos Tutor-General vows to deepen education reforms | The Guardian Nigeria News - Nigeria and World NewsNewly appointed Tutor–General/Permanent Secretary (TGPS) of District VI in Lagos State Civil Service, Dr. Shareefah Yusuf, has promised to focus on deepening the reforms in the education sector and take the district to greater heights.
Read more »
FG launches passport front office in Alimosho, Lagos | The Guardian Nigeria News - Nigeria and World NewsThe Federal Government has launched another passport front desk office in Lagos State, as part of its strategy to make passport administration a seamless exercise for Nigerians. Minister of Interior, Rauf Aregbesola said the opening of the front desk office is to ease the ever-increasing pressure on the three existing passport control offices in Lagos. […]
Read more »
Post-2023: Leadership function and lessons for Nigeria | The Guardian Nigeria News - Nigeria and World NewsIn this piece, I want to further explore deeper issues relating to the lessons that political history of the world around us offer in focusing on the leadership challenges that Nigeria needs to urgently engage with, as we approach the change of leadership baton in 2023.
Read more »