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Analysis: Redesigned Notes: LCCI faults government’s phasing out approach 

The expectations of many Nigerians have been dashed, on positive deployments promised with the redesigned Naira notes.

So far, business deals have been impeded, while loss of time and value are experienced by many across the country.

Following the disturbing trends, the Central Bank of Nigeria CBN has been called upon to enlighten the public on grey areas about the scarcity of the new Naira notes in addition to strengthening its policy implementation capacity. 

Lagos Chambers of Commerce and Industry LCCI made these assertions in a press statement it issued and signed by its Director General, Dr Chinyere Almona.

“This is the minimum expectation in the face of a currency crisis in which we find ourselves” Almona said.

The statement sent to The Eagleonline reads in part: The new Naira redesign has triggered varied reactions and feedback that suggest that related issues like the phasing of old currency notes, withdrawal limit, and the scarcity of new notes may have started to impact businesses and social livelihood beyond intentions. While banks have endeavored to meet the currency demands of their customers through Automatic Teller Machines, and electronic transfers, the scarcity of the Naira has rendered their efforts ineffective. 

“Businesses are suffering the consequences of the CBN currency management policy lapses. Regarding the deadline extension for phasing out old notes, the Chamber does not see any value in this if the scarcity of the new Naira notes persists”. 

While declaring its support for the drive toward a cashless economy, LCCI insisted that redesigning the Naira and phasing out old currency notes could have been better planned and implemented with no hardship for businesses and individuals. 



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