Naira Redesign: Lagos Assembly Commends National Assembly's Swift Reaction
- Reactions continue to trail the Central Bank of Nigeria's recent policies on cash withdrawals and naira redesign
- The Lagos state House of Assembly says the new policy has caused hardship for citizens of the country
- The lawmakers in Nigeria's commercial capital, however, commended their colleagues at the national level for their intervention to resolve the crisis
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Ikeja - The Lagos state House of Assembly have commended the National Assembly for its swift intervention in the controversy generated by the naira redesign policy of the Central Bank of Nigeria (CBN).
Members of the Assembly say the policy has brought mass suffering on the citizens of the country, adding that the Nigerian economy is in danger due to move by the CBN.
The lawmakers stated that even though the policy was good, it was ill-timed.
At a sitting presided over by Speaker Mudashiru Obasa on Tuesday, January 31, they urged the CBN to extend the deadline for currency swap.
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A statement from his media aide, Eromosele Ebhomele, quoted Obasa as saying:
"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 fade out of the system gradually.
The Speaker passed the motion after a voice vote of all the members at the sitting.
Nigerian Young Professionals back Emefiele over currency redesign, cashless policy
The Nigerian Young Professionals Forum (NYPF) has thrown its weight behind the CBN.
The NYPF also decried what it described as unnecessary harassment of CBN governor Godwin Emefiele over the new policy.
It said the CBN policy, despite a few setbacks, is timely and should be allowed to succeed.
Old notes: ATMs and other ways to swap your notes before January 31
Recall that Nigerian banks recently cried out over the shortage of new naira notes despite the CBN saying it has a surplus in its vaults.
During sensitisation outings across the nation, the CBN urged the banks to come for the new notes.
The apex bank also vowed to penalise banks that continue to issue old naira notes or dispense the same through their Automated Machines to members of the public.