Vested interests resisting currency redesign, says CBN MPC member•Give order on recirculation of old notes, groups urge BuhariThe old N200, N500 and N1000 have lost their legitimacy in the eyes of the public such that even courts are rejecting them.
At the Lagos High Court, some accounts officers at the registry, who spoke on condition of anonymity, told THISDAY that their attempts to deposit old notes they had earlier collected into the government account were rejected by Polaris Bank. He advised lawyers who did not have new naira notes to take advantage of e-Filing, which he said could be done from the comfort of their chambers, homes or anywhere.
Speaking on a panel on the state-owned Nigerian Television Authority , Obadan, a professor of economics, noted that the apex bank was not ill-prepared for the currency redesign exercise, but some unscrupulous persons were sabotaging the process. “If you observe the situation, right from the beginning of implementation, you will find that there had been resistance to the implementation of the policy. There are vested interests that right from day one did not want the policy to be implemented because they perceived that implementation of the policy would hurt their own private interests.
He stated, “The central bank knows the quantity of new notes that it expects to be in circulation in line with its set of objectives. And it’s been working in line with the objectives. They know the notes pushed into circulation. But the new notes appeared to be swallowed by snakes, or something else that tend to make the notes generally unavailable.”
“So, it’s not that the central bank had a fault at the beginning in respect of implementation,” he noted. “Initially, the central bank allowed over the counter withdrawals of the new naira notes and that was very strongly abused. And then the bank changed gear to Automated Teller Machines and the findings now show that even the commercial banks have not been helpful in implementing the policy of withdrawal through the ATMs. So the blame must be put at the doorstep of those who need to be blamed.
No body is resisting naira redesign just get us the new notes.
No court can upturn supreme court judgment
So what is so supreme about our Court since 2015? They have sold themselves to the highest bidder and now they worthless.
Na WA ho...
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