The Lagos State Chamber for Commerce and Industry, LCCI, has expressed disappointment over phasing out old naira notes. LCCI disclosed that the policy has
The Lagos State Chamber for Commerce and Industry, LCCI, has expressed disappointment over phasing out old naira notes.DAILY POST reported this in a statement on Wednesday by the Director General, LCCI, Dr Chinyere Almona.
“Businesses are suffering the consequences of the CBN currency management policy lapses. Regarding the deadline extension for phasing out old notes, the Chamber does not see any value in this if the scarcity of the new naira notes persists,” he stated. “The new Naira redesign has triggered varied reactions and feedback that suggest that related issues like the phasing of old currency notes, withdrawal limit, and the scarcity of new notes may have started to impact businesses and social livelihood beyond intentions. While banks have endeavoured to meet the Currency demands of their customers through Automatic Teller Machines, and electronic transfers, the scarcity of the naira has rendered their efforts ineffective.
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