Naira redesign: CBN deadline insensitive, spells doom for country’s economy – Experts

As the 31 January 2023 deadline given by the Central Bank of Nigeria, CBN, to phase out the old naira notes inches closer, economic experts have said that refusing to extend the deadline is insensitive and would spell doom for the country’s economy.

The call is an addition to several ones made by stakeholders, including the National Assembly, on extending the deadline for old naira notes to remain legal tender.

In December, the Senate beckoned on the CBN to shift the deadline from 31 January to June. The upper chamber made this call in a motion raised by Senator Ali Ndume and supported by his colleagues during a plenary.

The speed with which the apex implements the naira redesign policy in less than three months leaves more to wonder as fear of a real crisis heightens.

When Track News contacted CBN’s director of Corporate Communications, Mr Osita Nwanisobi, he said he was indisposed to reply to our correspondents’ enquiry on the naira redesign deadline because he was attending the bank’s Monetary Policy Meeting.

Speaking with Track News on the development, the CEO of Centre for the Promotion of Private Enterprise, CPPE, Dr Muda Yusuf, said it would be insensitive if CBN insists on the 31 January, 2023, deadline.

According to him, the apex bank needs to be more realistic about the deadline based on the apparent adequacies and logistics gaps.

He said if CBN insists on implementing the 31 January deadline, it will infringe on citizens’ fundamental human rights.

“The CBN needs to be realistic about this deadline; there is still a lot of gap in the implementation of the naira redesign.

“Concerning the adequacy of the new naira notes, the quantity available is insufficient.

“The other gap regarding logistics, CBN never imagined the logistics implication.

“The logistical thing to do is to extend the deadline. It is going to dispose of citizens’ hard-earned money