Residents wait to collect new naira notes at a bank in Alausa, Lagos…yesterday. PHOTO: AYODELE ADENIRAN• Reps rejects CBN’s extension, insists on Emefiele’s arrest if he fails to show up• Emefiele: Banks rake in N2.
At the weekend, many Nigerians with old banknotes were stranded trying to board commercial vehicles, while those who went to the market could not conclude transactions nor receive their balance with the old notes. The CBN policy also worsened queues at the fuel pumps as stations refused collecting the old notes and most motorists resorted to PoS and transfer, just as network issues and confirmation of debited money caused more delay in the time taken to attend to motorists.
But some individuals familiar with the legality of the exercise and enabling act say the apex bank cannot, by fiat, deny Nigerians the benefits of their financial wealth by declaring old notes invalid. “Ordinarily, when CBN releases currency into circulation, it is meant to be used and after effluxion of the CBN time, it returns to the CBN, thereby, keeping the volume of currency in circulation under firm control.
“A seven-day grace period, beginning on February 10 to February 17, in compliance with Sections 20 and 22 of the CBN Act will allow Nigerians to deposit their old notes at CBN offices nationwide after the February 10 deadline when the old currency would have lost its legal tender status,” Emefiele stated.
CPPE Director, Dr Muda Yusuf, said: “Failure to extend deadline for the currency swap could put the N100 trillion component of the national GDP at risk. “These are the sectors that have been driving the resilience of the Nigerian economy amid numerous domestic and global headwinds. Any policy measure that would negatively disrupt these sectors should be avoided,” Yusuf further stated.
Based on the clauses, Owoh argued that the goal of the policy, which is to bring big-ticket money hoarders and election buyers to their knees would be defeated as the process would be thwarted by litigation. Emmanuel, who is also the Chief Executive Officer of Dairy Hills Limited, added that the panic that followed the January 31 deadline was injurious to businesses and the public good.
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