A coalition of over 73 civil society organisations in Northern Nigeria under the auspices of Concerned Northern Forum (CNF), has opined that the move, as
announced by the Central Bank of Nigeria Governor, to redesign and print new currency notes considering its economic implication is a way to plunge Nigeria and Nigerians into more economic dept and crises that would require many years to resuscitate.
According to the spokesman, the redesigning of the Naira notes would bring nothing good neither will it improve the lives of the people and region except hardship which the vast majority of the people are already witnessing, saying that the prices of food and other daily items used and consumed by the people have increased beyond control and the probability of the increase in crime rate is high due to the bad financial policy of the apex bank.
It expressed concern at the SME’s and MSME’s as the major drivers of the economy do not believe in saving funds with the banks dues to reasons mentioned, stressing that how then would Nigerians find the monies in the vaults of the banks? “These also questions why our 1000, 500 and 200 bills would cease to be legal tender by 31st of January 2023 such a very short time not up to 90 days. This is not an economic strategy but a political move that must not be allowed to succeed because it is an affront on our people who largely are farmers, business men and women and feel safer to keep and safe their monies at home.
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