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New Naira Notes: We Didn’t Anticipate Challenges – CBN Speaks
New Naira Notes: We Didn’t Anticipate Challenges – CBN Speaks
The Central Bank of Nigeria admitted on Thursday that the ongoing scarcity associated with the naira redesign and cash withdrawal policy was not anticipated.
This came amid numerous protests and bank attacks by enraged Nigerians due to their inability to access cash for daily transactions.
Folashodun Shonubi, the bank’s Deputy Governor, made the announcement at the Nigerian Society of Engineers’ 22nd fellowship conferment lecture and ceremony in Abuja.
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The lecture was titled, “The intricacies of the naira redesign and its benefit to Nigerians”.
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He explained that, contrary to popular belief, the two-year-long redesign plan was not intended to punish anyone, but rather to improve the economy.
The deputy governor, who stated that the difficulties were caused by a new line of business established by indigenous Nigerians, revealed that numerous benefits had been realized, including the return of N2 trillion to the banking system.
He said, “As you know, Nigerians are very ingenious. And we created a whole new line of business for people that we never envisaged.
“An aspect of that is queuing, where you sell your position on the queue for money. Night crawling, where you wait till night, collect numerous cards from your friends and family and go to an ATM and empty them using different cards and then take the cash to sell.
“So it’s been a bit stressful to be honest because we did not anticipate this kind of behaviour.”
Shonubi, on the other hand, stated that the necessary challenges will soon be a thing of the past, and that the apex bank will do everything in its power to salvage the current situation.
“I believe that sooner rather than later, the stress ongoing in relation to money would reduce,” he concluded.
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