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CBN’s new naira redesign ill-timed ― Falae

Former Secretary to the Government of the Federation (SGF) and Minister of Finance,  Oba Olu Falae, on Tuesday, faulted the timing of the Naira redesign by the Central Bank of Nigeria (CBN), saying it is disruptive of the economy.

Falae said the timing of the new naira was wrong and capable of throwing millions of Nigerians into the poverty bracket.

The former SGF stated this while speaking with journalists in Akure, describing the introduction of new naira notes as a good policy but ill-timed as the nation prepares for election.

Falae said the currency design is a normal thing in the world, but should not be allowed to disrupt economic activities in the country.

He added that the CBN should have phased out the old Naira gradually and not give a deadline for the expiration of the old notes as being done in the country presently.

His said, “The timing could have been better, being so close to the election, it is too rather disruptive because being so close to election people would be moving around.

“The scarcity of funds may disrupt those movements. The timing could have been better and the organization too could have been better.

“Normally, when you want to withdraw an existing currency from circulation, you ensure whatever goes into the banking system does not go out again.

“Then, in exchange for that you pay out the new one. If you then in a short period, the old currency could be taken to the banking system and the new currency could have been in circulation. This could have improved on the timing and the sequence.”

Speaking on the attack of President Muhammadu Buhari by some hoodlums in Kano and Katsina states, Falae described the act as barbaric which should be condemned.

He said “It’ is most unfortunate, and nothing justifies people stoning their president. It is the height of incivility.

“Yes, people are angry about certain things as civilized society, in a democracy, we operate within the law. Stoning a president is not legal, it is not right and not civilised. It must be codenamed.”




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