A former director general of the Lagos Chamber of Commerce and Industry, Dr. Muda Yussuf, has faulted the reasons giving by the governor of the Central Bank of Nigeria, Mr. Godwin Emefiele for the planned redesigning of Naira notes.
Yussuf who spoke against the move and the timing with the election fast approaching said currency redesigning is the least of our problems.
He, however, maintains that the forex problems with the airlines is becoming embarrassing and require urgent attention , wondering why the federal executive council would approve currency redesigning when we have other pressing issues with less than two months notice.
Yussuf expressed his disappointment with the move while speaking on Channels Television news at 10.
He said; “All the reasons given by the CBN governor are at variance with what is on ground.
“You want to print over three trillion naira in less than two months when the cashless system is doing well. Over 80 trillions have been transacted this year through the online payment platforms which include POS and transfer. That’s what we ought to strengthen not subjecting the people to another round of hardship when the election is around the corner. The timing is another problem”.
Yusuff said the timing would lead to another round of hardship , especially those in remote areas in a bid to meet up with the deadline.
It would be recalled that CBN said the 200, 500 & 1000 notes will be redesigning to check kidnappings and over two trillions naira that’s outside the banking system which according to Emefiele is causing inflation as some of the reasons behind the currency change.