With loud honks from motorists, mercantile chatter, and conductors of commercial buses in lively animated tones calling passengers and bus stops, the market along Ahmadiyya bus stop along the Lagos-Abeokuta Expressway seemed busy as traders exchanged old naira notes with their customers on the sunny Thursday.
He said, “I don’t know why people do not obey rules and regulations in Nigeria. The CBN should be allowed to do its job, if people had responded well, we wouldn’t have this problem. We refused to do what was requested of us and that is why we are here today. The CBN should not be interfered with, there should be independence for the CBN to operate because in Nigeria, we interfere in the affairs of the apex bank so much.
Also commenting on the development, a professor of Economics and former Head of Department, Department of Economics at the University of Port Harcourt, Rivers State, Godly Otto, stated that the problem with the new naira was hidden and had not been unravelled. He noted that the pressure being mounted on the CBN governor by the House of Representatives and Senate was misdirected, stating that the pressure should be directed to the President.
Yusuf said, “The citizens are not to blame. Whatever shortcomings we are seeing are from the CBN and the banks because up until the close of last week, many banks were still dispensing old notes. The logical thing to do is for the CBN to demonstrate responsiveness and sensitivity by extending the deadline. The transition shouldn’t be at all cost because the cost to the economy, small businesses, and the ordinary Nigerian will be grave.
Fatunke said that he had predicted that implementation would be tough due to the deadline, as it would affect many people.
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