Naira redesign policy comes under pressure | The Guardian Nigeria News - Nigeria and World News ⬇️
• 27% of Lagosians yet to sight new banknotes • Customers seek six-month extension of January 31 deadline • CBN under pressure to extend old note demonetisation • Fasua: Subject implementation to evaluation, adjustment • Bankers making brisk business over lapses as VIPs mop up available volume • Yusuf insists rigid implementation unnecessary From poor…• 27% of Lagosians yet to sight new banknotes• CBN under pressure to extend old note demonetisation• Bankers making brisk business over lapses as...
Proponents of extension limits, such as a year and above, received the least percentage at 8.1 per cent while those demanding additional two months came next at 13.5 per cent. A few weeks after the policy was unveiled, The Guardian reported high net worth individuals, including politicians, were on Lagos and Abuja streets mopping up foreign currencies. But for the timely intervention of the Economic and Financial Crimes Commission , the dollar had crossed the N850/$ psychological barrier and was heading to N1000/$.
CBN Governor, Godwin Emefiele, argued that there are sufficient channels across the country where Nigerians could turn in their genuinely earned cash. Besides other measures, it removed previous penalty on above-limit cash deposits and directed banks to extend workdays to weekends to accommodate influx of customers.
Yusuf called on the apex bank to take a cue from Europe, the United Kingdom and the United States where there are different versions of the same denominations. In the United States, discontinued banknotes are not phased out artificially while worn-out pieces are not reprinted. A former presidential candidate and economist, Dr. Tope Fasua, is among experts that have taken sides with the CBN on the urgent need to mop up black money.
The illiterate, commodity traders and operators of the informal sectors, he said, are those who the CBN should be speaking with. Overall, he urged the CBN, saying it is time to keep an eye on the ball and engage other critical electronic payment partners, such as telcos, for possible infrastructure upgrade.
On the slow switchover of ATMs, a source hinted that banks are wary of configuring the machines, as they are not sure of sustainable supply. The source said the trickling supply has prevented banks from going all out with the new system.
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