Nigeria’s Senate President, Ahmad Lawan warned that the naira redesign policy of the Central bank of Nigeria (CBN) has made life difficult for the majority of Nigerians, especially the most ordinary Nigerians across the country.
He added that the Senate supports the policy but sees no need for a time limit, as old notes should co-exist with new notes until they are phased out.
Lawan disclosed this in a press briefing on Friday with State House correspondents.
No time limit: The Senate President said now is the time to take a decision on the matter and have a second look at its mode of implementation urging that the Senate does not see a need for a time limit, as there should be a gradual phase-out of older notes, he said:
- ”For us in the Senate, initially we felt that this policy is not a bad policy but we are also feeling that there is no need for any time limit; allow the old and the new notes to co-exist until the old is phased out.
- “This is not going to be the first country to do it that way. Other countries have been doing it that way.
- ”To say that in three months it will be okay, it is not okay, especially in a country like ours where 80-90 per cent of the population have no access to banks.”
Hardships: He added that the policy is causing hardships for most Nigerians as the Senate calls for a decision to ease the suffering Nigerians are facing due to the policy.
- “We had a private audience with the President after the Council of State meeting where we informed him in detail the resolutions of the two chambers of the National Assembly with respect to the redesign of our currency and the crisis of exchange or swap of the old currency with the new one.
- “It is a known fact to everyone how life has been so difficult for the majority of Nigerians, especially the most ordinary Nigerians across the country.
- ”We felt that this is the time to take a decision that will ease the problems Nigerians are facing with respect to this.”
Lawan also revealed that lawmakers agreed that any economic policy that would be introduced must have a human component and should not be catastrophic for the lives of Nigerians.
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The Council of State on Friday advised President Muhammadu Buhari to direct the Central Bank of Nigeria (CBN) to print more redesigned naira notes or allow the new and old banknotes to circulate at the same time to ease the tension and hardship caused by the scarcity of the naira.
The Council which is the highest advisory organ approved the naira redesign policy of the CBN but faulted its implementation.
The meeting was chaired by President Buhari and included the former presidents Goodluck Jonathan; Yakubu Gowon, and Abdulsalami Abubakar as well as ex-President Olusegun Obasanjo who attended virtually, also in attendance were lawmakers and Governors.
