But the policy is being criticised by many Nigerians as it has occasioned hardship in financial transactions.
The statement referenced a letter to Mr Emefiele, Mr Maikyau and lauded the policy “as it has the potential to stem corruption, votes buying and other criminal activities.” Highlighting the lack of adequate sensitisation on the naira redesign, the NBA recommended that “…in addition to educating Nigerians on demonetisation itself, a campaign on what happens to old bank notes after 31 January should be launched so as to adequately inform the public on what to do and prevent or reverse the rising panic or agitations caused by concerns about the inability of Nigerians to swap their old notes for the new notes by 31 January.
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