Lagos Assembly flays naira redesign, hails N’Assembly
The naira redesign policy of the Central Bank of Nigeria (CBN) has brought suffering on the citizens while endangering the economy, the Lagos State House of Assembly has lamented.
The lawmakers noted that the wrong timing of the good policy has thrown the country further into economic chaos, which could become difficult to resolve if urgent steps are not taken.
CBN, on Sunday, announced a 10-day extension of the deadline for naira swap.
But at plenary presided over by the Speaker of Lagos Assembly, Mudashiru Obasa, yesterday, the lawmakers urged the CBN to further extend the deadline, while commending the National Assembly for seeking extension.
Obasa noted that the concern of the lawmakers had to do with the pains, anguish and anger spreading among Nigerians over their inability to access the new currency.
“Economists have said that most times new currency cannot be used to control inflation; it doesn’t achieve the purpose most times,” Obasa said, adding that the intention of the policy, as claimed by CBN, had been defeated, considering the various complaints from experts and other people across the country.
According to the Speaker, CBN should have engaged stakeholders, while citizens should have been adequately carried along rather than an “overnight policy”.
He said: “There are people in the rural areas. It is obvious that the additional 10 days is not even going to be enough. The idea is a good one, but the way it is being implemented will have an adverse effect on the people.
“We need to commend the National Assembly for showing quality representation and prompt action to intervene for an extension of the deadline.”
The Speaker said that in other countries, old currencies are not discarded in a rush, but allowed to gradually fade out of the system.