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Group decries scarcity of redesigned naira notes, urges CBN to resolve crisis

By Shakirah Adunola
17 February 2023   |   4:06 am
Sequel to the challenges associated with the circulation of the redesigned Naira notes, The Muslim Congress (TMC), has called on Federal Government and the Central Bank of Nigeria (CBN) to, as a matter of urgency, resolve all issues relating to the unavailability of the newly designed currency.

New Naira Notes

Sequel to the challenges associated with the circulation of the redesigned Naira notes, The Muslim Congress (TMC), has called on Federal Government and the Central Bank of Nigeria (CBN) to, as a matter of urgency, resolve all issues relating to the unavailability of the newly designed currency.

The group decried the unavailability of the redesigned N200, N500 and N1000 notes, which has caused untold hardship on Nigerians.

A statement signed by the Amir of the group, Alhaji AbdulWasi’I Taiwo Bangbala, said the currency redesign and cashless economy are policies that have become the mainstay of many economies of the world, adding that Nigeria’s policy drivers interest in having the nation embrace it is well founded.

“It is a welcome development for us as a nation, if we move from a primitive to a modern society. However, such public policies require robust and adequate planning and monitoring,” he said.

The group noted that the Naira has not been redesigned in the last two decades and to that extent, there is nothing wrong with the idea.

“It is a global best practice for Central Banks to redesign and circulate new legal tenders at least once in 10 years. Notwithstanding, with the economic and social disruptions arising from the flawed implementation of the policy in recent weeks, it has become highly imperative that the authorities do their best to resolve the issues and save the country from impending anarchy. The situation at hand is analogous to war and may not fade away soon, especially given the antics of the profiteers.”

TMC said for a policy of great strategic public consequence as this, there is a need for a decisive synchrony of purpose between and among critical stakeholders.

“The CBN’s policy announcement a few months ago should have been followed by horizontal and vertical community engagements for proper management. And while it is important for the CBN to checkmate the antics of the speculators, it should never be at the expense of the ordinary people who are now suffering from systemic inadequacies,” the group stated.

According to them, the period given was too short and practically impossible with the grossly inadequate financial and banking infrastructure and the scant availability of Automated Teller Machines (ATM), the group argued that the policy implementation was doomed to be encumbered.

“Many banks have reportedly not had enough of the new notes, leading to total chaos and desperation on the part of the ordinary citizens. The CBN and the Federal Government must obey the court order in the interest of the hapless citizens to avoid breakdown of law and order.
“The scarcity of cash, both old and new notes, has been further compounded by service downtime being experienced by the people on Internet banking ATMs and Point of Sales (PoS) machines. The crisis has given undue advantage to opportunists and enemies of the state to cannibalise their fellow citizens, as some unscrupulous elements have now contrived to exploit the already troubled Nigerians due to the short supply of cash- A stark reality of how badly our national values have been eroded by avarice and cupidity. Hoarding items as essential as the local legal tender during difficult times like this with the intention of selling them at higher rates to people compelled to purchase them is forbidden and a greater sin in Islam. It is promi sed eternal perdition!”

“Prophet Muhammad (pbuh) said that he heard angel Jibril say that there was a valley in Hell and fierce fire blazed in it. When he asked the caretaker of Hell about those who would be put there, he said that it was for three groups: The hoarders, the drunkards, and those who earned a commission on unlawful deals. (Mustadrak al-Wasa’il Vol. 2 page 314),” TMC admonished.
“It is clear that the public would be thrown into a tailspin if the policy is to be undertaken within the space of a few weeks. We applaud the National Council of State intervention and its call for the CBN to print more notes or re-circulate the old notes to ease the suffering of Nigerians. At this point, the government must leave no stone unturned in addressing the issues, while the CBN governor and his team must ensure the money crisis rocking the country is resolved with immediately,” the group demanded.

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