NBA Writes Emefiele, Seeks Urgent Review of Naira Redesign Polic Alex Enumah in Abuja The Nigerian Bar Association (NBA) has written to the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, calli
The Nigerian Bar Association has written to the Governor of the Central Bank of Nigeria , Mr Godwin Emefiele, calling for an urgent review of the Naira Redesign Policy.
While some people and businesses are beginning to reject the old currencies before the deadline date, banks are still dispensing the about to expire currencies. The association recalled how a hasty implementation of a similar policy in 1984 by the then military government not only brought huge financial loses for individuals and businesses but eventually collapsed the economy and led to the toppling of the administration.
In the letter, the NBA President expressed the telling concerns that there was no information in the public domain as to what would happen to the old currency in possession of Nigerians, by or after the 31 January 2023, stating that Section 20 of the CBN Act provides that “notwithstanding Sub-sections and of this section, the Bank shall have power, if directed to do so by the President and after giving reasonable notice in that behalf, to call in any of its notes or coins on payment of the face...
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