Atiku urges CBN to ignore pressure to achieve policy objective
By Jeph Ajobaju, Chief Copy Editor
Peoples Democratic Party (PDP) presidential candidate Atiku Abubaka has counselled the Central Bank of Nigeria (CBN) not to extend the deadline for swapping of old naira notes for new ones beyond 10 February.
Both the Lagos Chamber of Commerce and Industry (LCCI) Ondo Chambers of Commerce, Industry, Mines and Agriculture (ONDOCCIMA) lament the haphazard implementation of the policy which has caused strain on businesses.
Regardless, Atiku asked the CBN to ignore the enemies and not succumb to pressure because extending the deadline would ruin the objective of redesigning the notes.
Instead, he urged the CBN to ensure a flawless flow of the new naira notes to assuage the hardship people are facing, especially rural dwellers who need cash in everyday dealings.
“The CBN should be wary of the elite whose motive for crying out about more postponement of the deadline for the tenure of the old naira notes is sinister and far from being altruistic.
“I am totally in support of building a cashless economy and reducing the amount of cash in our economy,” Atiku said through his media office, per The PUNCH.
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Strain on businesses
The LCCI argued the inability of the CBN to properly plan and implement the phasing out of old naira notes has caused a serious strain on businesses, according to reporting by The PUNCH.
LCCI noted the exercise has triggered problems such as withdrawal limit and scarcity of new notes which have negative impact on businesses and livelihoods
“With the launch of the redesigned naira notes last December, expectations were high for the smooth transition to the use of the new notes for business transactions across the country,” LCCI Director General Chinyere Almona said in a statement.
“We regret to note that expectations have been dashed, business deals impeded, and loss of time and value experienced by many.
“The central bank needs to enlighten the public on grey areas about the scarcity of the new naira notes in addition to strengthening its policy implementation capacity.
“This is the minimum expectation in the face of a currency crisis in which we find ourselves.”
Businesses have been left to suffer the consequences of the CBN currency management policy lapses, LCCI moaned.
“While we support the drive toward a cashless economy, redesigning the naira and phasing out old currency notes could have been better planned and implemented with no hardship for businesses and individuals.”
Running enterprises out of business
ONDOCCIMA insisted the implementation of project was designed to run micro small and medium enterprises and the common man out of business.
ONDOCCIMA spokesman Adeboro Onibalusi said the policy is crumbling micro small and medium enterprises as a lack of access to old and new notes makes life difficult for them to operate.