Naira Scarcity: CPPE laments policy summersault by CBN
By Joy Obakeye
The Centre for the Promotion of Private Enterprise (CPPE) has condemned the the policy summersault being exhibited by Central Bank of Nigeria (CBN) over Naira scarcity.
He expressed his concern about the conflicting directives emanating from the CBN on where to deposit the old currency notes, whether the commercial banks or Central Bank.
The CEO, Dr Muda Yusuf noted that the confusion is inflicting additional pain on already traumatized millions of innocent Nigerians seeking to return the old notes.
His released statement reads: “Amid the chaos that the badly implemented policy has created, it is impractical for the CBN offices to properly handle this process of receiving old currency notes which are still in abundance in the hands of millions of Nigerians.
There is only one branch of the CBN office in each state of the federation and the FCT. It is practically impossible for the CBN to manage this process without subjecting our citizens to another round of harrowing experiences.
The experience and images and disorderliness of the past few days at the CBN offices graphically illustrate this position.
We appeal to President Muhammadu Buhari and the CBN to give this process a human face. The agony and trauma inflicted by the entire management of the policy are unspeakable. Accordingly, We plead with the CBN to allow the old notes to be deposited at commercial banks to ease the current pains and ordeal of returning the old notes.
The process should also be simplified to accommodate millions of rural dwellers, the informal sector players, the over 30 million unbanked Nigerians and several million that are not literate.
The current guidelines which require filling of forms on the CBN portals, generating codes etc. do not reckon with the millions of Nigerians that seek to return their old notes who are not literate, who don’t have access to o the internet and who are everyone locations in various parts of the country.
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They are Nigerians and are entitled to fair consideration in the implementation process. Most of them are women, microenterprises and small businesses contributing immensely to employment, poverty reduction and social stability at the bottom of the economic pyramid of our country.
It is bad enough that their lives and livelihoods have been disrupted and disoriented.
We plead with the CBN to review its processes in the interest of fairness, justice and social inclusion.
