ActionAid Nigeria has urged the Central Bank of Nigeria (CBN) to assess the implementation of the naira redesign in order to give the policy a human face since it is troubled by the suffering of millions of Nigerians.
It was noted that it is unacceptable to apply the same strategy throughout without taking into account the unique characteristics of the various regions.
At the World Day of Social Justice celebration conducted in Leleyi Village, Kwali Area Council of the Federal Capital Territory, the organization made this statement (FCT).
It urged the CBN to quickly implement cash exchanges using microfinance institutions and money agents it had hired in outlying areas.
This, he claimed, would expand access to the new notes in economically underserved areas.
Ene Obi, the country director, urged the apex bank to cooperate with banks and internet service providers to address the persistent issues affecting digital payment and the unfair fees levied against customers. Ene Obi was represented by Suweiba Yakubu-Jibrin, the head of Partnerships and Local Rights Programme.
Obi asked the CBN to assist those living in rural communities in integrating into the financial system and to promote the usage of mobile banking services like USSD.
ActionAid Nigeria also called on the Federal Government to enhance the volume of money in circulation.
In the meantime, Godwin Emefiele, the governor of the Central Bank of Nigeria, has been asked to quit politicizing monetary policy by Policy House International’s country director, Taiwo Akerele.
The policy expert questioned why the government is rushing to replace the naira notes, undermining the role of the informal sector and a major portion of the unbanked population, while speaking to newsmen in Abuja.
Akerele stated that: “It is about economy management; let us be careful in politicising economic issues. You don’t rush the implementation of monetary policy; you have to give enough time. This is a largely informal economy that requires implementation in phases.”
“You cannot, because you want to frustrate a particular political party or individual, come up with a policy that affects everybody negatively. If it is alleged that any of the presidential candidates has stashed money illegally, what is the role of the security agencies such as the Independent Corrupt Practices Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC)?”
“You cannot change currency because you want to punish an individual. We know the history of currency changes all over the world. It does not happen this way.”
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