In his intervention, Mr Fasua argued that many people were against the CBN policy of redesigning the naira notes and that they would want...
over its defiance of public institutions’ outcry to extend the deadline for the phasing out of the old naira notes.
Mr Yusuf said it has become very obvious that the central bank has grossly underestimated what it takes to execute this transition from the old notes to the new notes. “So if that is the case, I think the logical thing to do would have been to extend the date. I was really shocked and amazed when I heard the CBN governor during the MPC meeting say that he doesn’t have good news for us that the deadline stands,” the CEO said.“From the beginning, I have challenges even with the very proposition of redesign. Redesigning is good. But when you contextualise it within the priorities that this economy needs at this moment, it is the least of our problems.
Mr Emefiele claimed that kidnapping and ransom-taking incidents have reduced since the three banknotes were redesigned, arguing that the time given for the swap of the old naira notes with new ones was enough for Nigerians to get the new notes from commercial banks without much pressure.
“This is a democracy, we are not in a military regime and if someone is in public office, he’s supposed to be a public servant. Public office holders are supposed to serve the people not the other way round and they are supposed to respond to the needs of the people for as long as those needs are legitimate,” he said.In his intervention, Mr Fasua argued that many people were against the CBN policy of redesigning the naira notes and that they would want the reversal of the policy.
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