A member of the Security and Intelligence Committee of the Tinubu/Shettima Presidential Campaign Council, Ambassador Abayomi Nurain Mumuni, has declared that the introduction of the new Naira notes is causing hardship for many Nigerians.

Recall that the Central Bank of Nigeria (CBN) recently introduced new N200, N500 and N1000 denominations.

The 2011 gubernatorial candidate of the defunct Congress for Progressives Change (CPC) in Lagos state, has, however, said that the introduction of the new Naira notes is causing hardship on many Nigerians, saying that the masses are at the receiving end.

The All Progressives Congress (APC) chieftain made these disclosure via a statement made available to journalists at the weekend through his Media Aide, Rasheed Abubakar.

Mumuni in his reaction said that what is happening where the Automated Teller Machines (ATMs) are still dispensing old notes is an indication that the CBN is not ready for what it intends to do.

He said that if the CBN is committed to changing the said currency notes, the first thing to do is to wipe out the old currency notes in circulation.

Mumuni while speaking further said that ATMs in many banks across the nation are still being filled with the old currencies, despite the fact that the CBN has ordered banks not to give out the new currencies on the counter to avoid favouritism.

He added that the introduction of the new Naira notes and their scarcity is causing hardship among Nigerians.

He advised the CBN to extend the deadline for the exchange of the old Naira notes for the new ones.

He asked the CBN to extend the date in order to strategize and plan adequately.

He added that the need to extend the date was necessary to reduce the panic among Nigerians, especially at this time when there is fuel scarcity.
“My opinion is that the Central Bank of Nigeria is practically not ready to implement the policy on the new notes.

“When you want to change currency notes, first thing to do is to wipe out the old ones in circulation but even with the very close deadlines, Nigerian banks are still doling out the the old currencies.

“It is understandable that the CBN has ordered the banks not to give out the new currencies on the counter to avoid favouritism, but the fact that the ATMs are still being filled with the old currencies is alarming.

“The approach should be that once the old notes get to the banks, they are not making their way out, but reverse is the case. It’s either the ATM is not dispensing at all to avoid possible sanctions or you withdraw on the counter and still get old notes very few days to the deadline. In that regard, I think the CBN has not gotten things right.

“I think there is also a need for the CBN to reconsider its implementation strategy. Is the deadline realisable and realistic? People are already with different opinions and are questioning the intentions behind the policy and its implementation.

“Some inconveniences are about setting in for the citizenry as some merchants have decided to stop accepting the old currencies as legal tender days to the deadline.

“It is great that the CBN is trying promote a cashless policy, but the level of technology within the country and the network service providers isn’t up to snuff. People have not been made to fully trust the cashless policy.

“The situation is causing hardship and the masses are on the receiving end. The CBN should take more time for the policy to fully take effect.

ganisucks:
Kikiki... so you now care about us. Oh, Mother Theresa and Pope John Paul of APC, the masses will do just fine.

A member of the Security and Intelligence Committee of the Tinubu/Shettima Presidential Campaign Council, Ambassador Abayomi Nurain Mumuni, has declared that the introduction of the new Naira notes is causing hardship for many Nigerians.

beelon1020:
Nonsense move by CBN..
Burning the house because you want to kill a snake...
I can even do better than that man thinking with his toes...
Can cashless policy work without putting alternatives in place for the public?
Dumb aggressive stubborn fellow...

Trollronaldo:
there's no house burning here.
Stop shouting that the house is burning when we are trying to just catch a thief