Old Naira notes: Nigerians will lose hard-earned money over CBN’s deadline – Experts

Economic experts have said Nigerians would lose their hard-earned money over the Central Bank of Nigeria’s refusal to extend the January 31 deadline for phasing out N200, N500, and N1000 notes. Daily Post reports.

Recall that the Governor of CBN, Godwin Emefiele, said there is no going back on shortly after the deadline for the Monetary Policy Meeting on Tuesday.Information Guide Nigeria

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The CBN stated that 90-100 days is enough for the old naira notes to be deposited in banks.

But, reacting to CBN’s position, economic experts disclosed that innocent Nigerians would lose their hard-earned money.

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On Tuesday, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, CPPE, Dr. Muda Yusuf, said the more realistic option is for CBN to extend the deadline.

According to him, it is evident that CBN has production and logistics challenges regarding the new banknotes.NYSC portal

He stated that the CBN’s stance on not shifting the deadline would have consequences for Nigerians.

“On the currency exchange, it is evident that CBN has serious production and logistics limitations regarding the new currency notes.JAMB Result

“The most realistic option is to extend the deadline. Otherwise, there will be severe business disruptions, especially within the SME space, the informal sector, and the rural economy. Many innocent Nigerians will lose their hard-earned money,” he said.

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Essien, Goodnews is a gruaduate of Communication Arts, University of Uyo, Uyo; Currently working at Infoguide Media as a news writer.

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