How Naira Redesign Has Created More Suffering For  Nigerians

Since the Central Bank (CBN) announced the intention of the apex bank to redesign Nigeria’s currency, the naira last November; the nation’s economy came under serious apprehension with many more suffering under the new regime.

Though the apex bank extended the deadline for the swapping of old naira with the new one, many Nigerians and businesses continue to bear the brunt because of inability to access the new note.  

For instance, a petty trader, in  Ikorodu area of Lagos State,  Raheem  Kunle, told GWG, that the  decision of the present administration to redesign the naira notes  barely four months to the end of the regime  is to punish Nigerians  who has shown solidarity with the government since 2015.

According to him, ” I cannot  understand why the project came so suddenly when the regime has less than four months to go.

“We wouldn’t have been complaining if the new notes were made available, but since the past three days nobody has come to buy my products and pay me with the new notes. This is to tell you how scarce the new notes are.”

Supporting the view of Kunle, the Lagos State House of Assembly has expressed disappointment over the Naira redesign policy of the CBN which has brought mass suffering on the citizens of the country while the economy is in danger.

The lawmakers further noted that even though the policy was a good one, its timing was wrong as it had further thrown the country into economic chaos which could become difficult to resolve if urgent steps are not taken.

At a sitting presided over by Speaker Mudashiru Obasa last February, the lawmakers urged the CBN to extend the deadline for currency swap as the policy had not helped the country.

 Obasa noted that the concern of the lawmakers had to do with the pains, anguish and anger spreading among Nigerians over their inability to access the new currency.

“Economists have said most times you cannot use new currency to control inflation, it doesn’t achieve the purpose most times,”

The speaker added that  the intention of the policy as claimed by CBN had been defeated owing to the various complaints from experts and people across the country.

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