According to economists, if the Central Bank of Nigeria does not extend the January 31 deadline for the phase-out of N200, N500, and N1000 notes, Nigerians will lose their hard-earned money.
Remember that shortly after the Tuesday monetary policy meeting, CBN Governor Godwin Emefiele stated that the deadline would not be extended.
According to the CBN, 90 to 100 days are sufficient for old naira notes to be deposited in banks.
In response to the CBN’s decision, however, economic experts said that innocent Nigerians will lose their hard-earned money.
The more practical choice, according to Dr. Muda Yusuf, Chief Executive Officer of the Center for the Promotion of Private Enterprise, is for CBN to extend the deadline.
He says that it’s clear that the CBN is having trouble making the new banknotes and getting them to people.
He said that the decision by the CBN to stick to the deadline would hurt Nigerians.
“It is clear from the currency exchange that the CBN faces major production and logistics challenges with the new currency notes.”
The extension of the deadline is the most practical choice. In the absence of such action, there will be significant business disruptions, particularly in the SME sector, the unorganized sector, and the rural economy. He warned that many honest Nigerians who worked hard for their money would lose it.
Also, Mr. Idakolo Gbolade, a financial expert, said, “I now think that the deadline is harsh and could cause some Nigerians who aren’t aware of the situation to lose a lot of money if things stay the same.”
A similar statement was made by Prof. Godwin Oyedokun, a professor of accounting and financial development at Lead City University in Ibadan: “It is not our fault as citizens, and we cannot be made to suffer the ineptitude of those responsible with the government.”
The CBN announced the naira redesign policy on October 26, 2022. Less than a month later, on November 23, President Muhammadu Buhari revealed the new naira notes. On December 15, they went into circulation.
