New Naira: Good policy but ill-timed, says Nigerian lecturer - Breaking News in Nigeria today 247 | TheWatchNGR


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Wednesday, February 22, 2023

New Naira: Good policy but ill-timed, says Nigerian lecturer


New Naira:  Good policy but ill-timed, says Nigerian lecturer

Eric Patrick


A Nigerian lecturer and food consultant, Irechukwu Franklin Ijezie, has said that he is fully in support of the new naira note redesign policy that has caused national tension across the federation.

According to Irechukwu, the policy to some extent is meant to mop out many of the statched money many politicians have reserved for vote buying in the upcoming general election. Also, it will help reposition the Nigerian economy which was one time the biggest economy in Africa, he added.

Nigerians needs to be patient.

There is no points attacking commercial banks.

As president Buhari has instructed that let the old N200 be legal tender with the new N200, N500 and N1000 naira notes at least this will eased the tension.

The lecturer also lament that, the timing of this policy is ill-timed, adding that the timing is not a good one because Nigerians are going through difficult times due to bad governance.

The implementation of such policy shouldn't have come at a time like this when Nigeria is so sick, he said.

Presently, the Nigerian economy is bleeding due to this ill timed policy which is having a great deal of negative effect on the Nigerian economy and the GDP at large.

Small businesses (SME's) are really going through difficult times, people who earns daily pay/ income are finding it very difficult to survive or meet up with their daily obligations.

Directly or indirectly the nation economy is bleeding which is having it's effect on the GDP of the country.

Our correspondent gathered that, numerous banks across Nigeria were attacked by angry protesters who have been trying to withdraw their money from the banks but denied access to the Central Bank of Nigeria new naira policy.

Reports had it that, many Nigerias have lost their lives since the policy begin. "While others have gone stealing because they can no longer provide a day meal for themselves."

Speaking with one of the First Bank managers in Lagos who asked to remain anonymous revealed that the CBN do not want the new naira to be in circulation until after the upcoming presidential election to curb vote buying.

President Muhammadu Buhari has pleaded with Nigerians to have patience, assuring the citizens that after the election things will go back as it used to be.

As protest rocks other states, normalcy has returned to Lagos but commercial banks are yet to disbursed the new naira notes to Nigerians.

"Some states governors like, El rufai and others have directed their residents to keep spending the old naira note amid supreme court order.
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