CBN directives on deposit of old Naira notes are conflicting – Says Economist

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CBN directives on deposit of old Naira notes are conflicting – Says Economist

The Centre for Promotion of Private Enterprise (CPPE) is concerned about the conflicting directives emanating from the Central Bank of Nigeria (CBN) on where to deposit the old currency notes, whether the commercial banks, or Central bank, said the Chief Executive Officer of CPPE, Dr Muda Yusuf.

Muda Yusuf, who is also an Economist added; “This confusion is inflicting additional pains on already traumatised millions of innocent Nigerians seeking to return the old notes”.

He went on; “Amid the chaos, which the badly implemented policy has created, it is evidently impractical for the CBN offices to properly handle this process of receiving old currency notes, which are still in abundance in the hands of milions 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 experience.”

His words; “The experience, images and disorderliness of the past few days at the CBN offices graphically illustrates 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.”

He continued; Accordingly, we plead with the CBN to allow the old notes to be deposited at the 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 millions that are not literate.

“The current guidelines, which require filling of forms on the CBN portals and generating codes do not reckon with millions of Nigerians that seek to return their old notes, who are not literate, who don’t have access to internets and who are in very remote locations in various parts of the country.

“They are Nigerians and are entitled to a fair consideration in the implementation process. Most of them are women, micro enterprises, 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 terribly disrupted and disoriented.
We plead with the CBN to review its processes in the interest of fairness, justice and social inclusion.”