The Naira Redesign and Cashless Policy of the Central Bank of Nigeria has been described as a very good policy which has been poorly implemented and unnecessarily politicised.
Economic Expert and Co Founder of BudgIt, Seun Onigbinde, disclosed this while speaking on the confusion, hardship and chaos created by the implementation of the Policy by the Central Bank of Nigeria.
He added that the idea behind the Policy Direction is not wrong and also a part of the Legal Mandate of the Central Bank of Nigeria but it has not been properly carried out.
He said the belief by the Central Bank of Nigeria that the currency in Circulation is too much to make for an effective Monetary Policy in the country is a sound one but in trying to solve one problem, the bank ended up creating an entirely new one.
The implementation according to him was based on faulty planning on the part of the Central Bank of Nigeria which has left most Nigerians groaning under the hardship created by the inability of the bank to be more systematic ion its approach to the issue.
He pointed out the earlier redesign of the Naira Notes and the changing over from the old Naira Notes to the Polymer Notes of Five, Ten and Twenty Naira that were eased out of circulation over a period of time unlike the current situation where the Bank was not strategic enough to understand its limitation in printing the new Notes and getting them into circulation in sufficient enough quantity to prevent any chaos and the current hardship being experienced by Nigerians.
According to him the decision to redesign the Naira Notes based on what is playing out is Ad Hoc decision poorly put together and equally being poorly implemented.
He said the sudden decision was also reportedly aimed at preventing Politicians from massive vote buying adding that the days ahead will show how this goes.
On if the rush to implement the Cashless Policy is justified with the numerous challenges that the decision has thrown up in the last few weeks, Mr Onigbinde said the Central Bank of Nigeria did not properly analyse the decision.
He disclosed that even in more developed societies where the principle of Cashless Economy has been on for sometimes some transactions are still done with Cash listing Children going to School as a typical example.
He said failure to properly analyse issues in implementing the Redesign and Cashless Policy made the CBN overlook the obvious segment of the Nigerian Society the Rural Areas which depends on Cash.
He added that the publicly announced need to stop Vote buying is not even tenable since the nation already has enough mechanisms in place to tackle the menace of Vote buying.
TINUBU HAILS NIGERIAN GOVERNORS OVER SUPREME COURT RULING ON CBN NAIRA SWAP POLICY
All Progressives Congress Presidential Candidate, Asiwaju Bola Ahmed Tinubu has hailed the Governors of the 36 states for standing on the side of the Nigerian people over the Central Bank new Naira and cashless policies that have subjected the masses to pains.
According to Asiwaju Tinubu, the Governors especially the APC Governors who instituted the suit against the CBN and Federal Government at the Supreme Court acted well on behalf of the hapless Nigerians who have been made to bear the brunt of Naira redesign policy that has been poorly implemented
The Supreme Court on Wednesday morning in a law suit brought before it by the governments of Zamfara, Kogi and Kaduna States gave an interim injunction against the CBN and Federal Government, allowing the old N200, N500 and N1000 to remain legal tender beyond February 10 deadline until the case is fully disposed.
Following the apex court ruling, Asiwaju Tinubu noted that the governors have saved the country from a needless political and economic crises and miseries which have clearly become the unintended consequences of the monetary policy of the apex bank.
Asiwaju Tinubu noted that the Supreme Court ruling coincided with the advisory of the International Monetary Fund urging for the extension of the deadline for the swap of the old naira notes, going by the problems being experienced across the country in getting the new notes.
“I want to salute the courage of our Governors and most especially the Progressives Governors in APC who acted to save our country from avoidable and dangerous political crises and social unrest which the Central Bank policy on new Naira notes has brought on our country.
“Our country was dangerously careering toward anarchy and political and economic shutdown. But with the Supreme Court interim ruling our country has been pulled back from the precipice. We thank our Supreme Court Justices for ruling wisely on the side of the people who have been subjected to undue agony and pains since this policy was announced.
“The Federal Government and relevant stakeholders can now sit down and work out better framework on how to proceed with the new policy without causing any social and economic disruption and inconvenience to our people. We have examples of other countries that have successfully and seamlessly changed their currencies to learn from.
“Those countries give a long time, at least 12 months to effect the currency change. They do not engage in CBN-like Fire Brigade approach.
“We have seen how a good policy can be poorly implemented to cause unintended problems for the people who should be the beneficiaries. While lessons have been learnt, we must now move on as a country and people with a Renewed Hope for a better tomorrow.
“The sole aim of my running to be the president of our country is to make life better and more abundant for our people and this is an ideal for which I will remain eternally committed to.”
Asiwaju Tinubu called on the CBN to ensure that the Supreme Court ruling is effectively executed by taking all necessary steps to (i) ensure sufficient availability of Naira notes (whether old or new) and (ii) properly sensitising the public on the ruling and the consequent validity of old Naira.
The Naira Redesign and Cashless Policy of the Central Bank of Nigeria has been described as a very good policy which has been poorly implemented and unnecessarily politicised.
Economic Expert and Co Founder of BudgIt, Seun Onigbinde, disclosed this while speaking on the confusion, hardship and chaos created by the implementation of the Policy by the Central Bank of Nigeria.
He added that the idea behind the Policy Direction is not wrong and also a part of the Legal Mandate of the Central Bank of Nigeria but it has not been properly carried out.
He said the belief by the Central Bank of Nigeria that the currency in Circulation is too much to make for an effective Monetary Policy in the country is a sound one but in trying to solve one problem, the bank ended up creating an entirely new one.
The implementation according to him was based on faulty planning on the part of the Central Bank of Nigeria which has left most Nigerians groaning under the hardship created by the inability of the bank to be more systematic ion its approach to the issue.
He pointed out the earlier redesign of the Naira Notes and the changing over from the old Naira Notes to the Polymer Notes of Five, Ten and Twenty Naira that were eased out of circulation over a period of time unlike the current situation where the Bank was not strategic enough to understand its limitation in printing the new Notes and getting them into circulation in sufficient enough quantity to prevent any chaos and the current hardship being experienced by Nigerians.
According to him the decision to redesign the Naira Notes based on what is playing out is Ad Hoc decision poorly put together and equally being poorly implemented.
He said the sudden decision was also reportedly aimed at preventing Politicians from massive vote buying adding that the days ahead will show how this goes.
On if the rush to implement the Cashless Policy is justified with the numerous challenges that the decision has thrown up in the last few weeks, Mr Onigbinde said the Central Bank of Nigeria did not properly analyse the decision.
He disclosed that even in more developed societies where the principle of Cashless Economy has been on for sometimes some transactions are still done with Cash listing Children going to School as a typical example.
He said failure to properly analyse issues in implementing the Redesign and Cashless Policy made the CBN overlook the obvious segment of the Nigerian Society the Rural Areas which depends on Cash.
He added that the publicly announced need to stop Vote buying is not even tenable since the nation already has enough mechanisms in place to tackle the menace of Vote buying.
TINUBU HAILS NIGERIAN GOVERNORS OVER SUPREME COURT RULING ON CBN NAIRA SWAP POLICY
All Progressives Congress Presidential Candidate, Asiwaju Bola Ahmed Tinubu has hailed the Governors of the 36 states for standing on the side of the Nigerian people over the Central Bank new Naira and cashless policies that have subjected the masses to pains.
According to Asiwaju Tinubu, the Governors especially the APC Governors who instituted the suit against the CBN and Federal Government at the Supreme Court acted well on behalf of the hapless Nigerians who have been made to bear the brunt of Naira redesign policy that has been poorly implemented
The Supreme Court on Wednesday morning in a law suit brought before it by the governments of Zamfara, Kogi and Kaduna States gave an interim injunction against the CBN and Federal Government, allowing the old N200, N500 and N1000 to remain legal tender beyond February 10 deadline until the case is fully disposed.
Following the apex court ruling, Asiwaju Tinubu noted that the governors have saved the country from a needless political and economic crises and miseries which have clearly become the unintended consequences of the monetary policy of the apex bank.
Asiwaju Tinubu noted that the Supreme Court ruling coincided with the advisory of the International Monetary Fund urging for the extension of the deadline for the swap of the old naira notes, going by the problems being experienced across the country in getting the new notes.
“I want to salute the courage of our Governors and most especially the Progressives Governors in APC who acted to save our country from avoidable and dangerous political crises and social unrest which the Central Bank policy on new Naira notes has brought on our country.
“Our country was dangerously careering toward anarchy and political and economic shutdown. But with the Supreme Court interim ruling our country has been pulled back from the precipice. We thank our Supreme Court Justices for ruling wisely on the side of the people who have been subjected to undue agony and pains since this policy was announced.
“The Federal Government and relevant stakeholders can now sit down and work out better framework on how to proceed with the new policy without causing any social and economic disruption and inconvenience to our people. We have examples of other countries that have successfully and seamlessly changed their currencies to learn from.
“Those countries give a long time, at least 12 months to effect the currency change. They do not engage in CBN-like Fire Brigade approach.
“We have seen how a good policy can be poorly implemented to cause unintended problems for the people who should be the beneficiaries. While lessons have been learnt, we must now move on as a country and people with a Renewed Hope for a better tomorrow.
“The sole aim of my running to be the president of our country is to make life better and more abundant for our people and this is an ideal for which I will remain eternally committed to.”
Asiwaju Tinubu called on the CBN to ensure that the Supreme Court ruling is effectively executed by taking all necessary steps to (i) ensure sufficient availability of Naira notes (whether old or new) and (ii) properly sensitising the public on the ruling and the consequent validity of old Naira.
The Naira Redesign and Cashless Policy of the Central Bank of Nigeria has been described as a very good policy which has been poorly implemented and unnecessarily politicised.
Economic Expert and Co Founder of BudgIt, Seun Onigbinde, disclosed this while speaking on the confusion, hardship and chaos created by the implementation of the Policy by the Central Bank of Nigeria.
He added that the idea behind the Policy Direction is not wrong and also a part of the Legal Mandate of the Central Bank of Nigeria but it has not been properly carried out.
He said the belief by the Central Bank of Nigeria that the currency in Circulation is too much to make for an effective Monetary Policy in the country is a sound one but in trying to solve one problem, the bank ended up creating an entirely new one.
The implementation according to him was based on faulty planning on the part of the Central Bank of Nigeria which has left most Nigerians groaning under the hardship created by the inability of the bank to be more systematic ion its approach to the issue.
He pointed out the earlier redesign of the Naira Notes and the changing over from the old Naira Notes to the Polymer Notes of Five, Ten and Twenty Naira that were eased out of circulation over a period of time unlike the current situation where the Bank was not strategic enough to understand its limitation in printing the new Notes and getting them into circulation in sufficient enough quantity to prevent any chaos and the current hardship being experienced by Nigerians.
According to him the decision to redesign the Naira Notes based on what is playing out is Ad Hoc decision poorly put together and equally being poorly implemented.
He said the sudden decision was also reportedly aimed at preventing Politicians from massive vote buying adding that the days ahead will show how this goes.
On if the rush to implement the Cashless Policy is justified with the numerous challenges that the decision has thrown up in the last few weeks, Mr Onigbinde said the Central Bank of Nigeria did not properly analyse the decision.
He disclosed that even in more developed societies where the principle of Cashless Economy has been on for sometimes some transactions are still done with Cash listing Children going to School as a typical example.
He said failure to properly analyse issues in implementing the Redesign and Cashless Policy made the CBN overlook the obvious segment of the Nigerian Society the Rural Areas which depends on Cash.
He added that the publicly announced need to stop Vote buying is not even tenable since the nation already has enough mechanisms in place to tackle the menace of Vote buying.
TINUBU HAILS NIGERIAN GOVERNORS OVER SUPREME COURT RULING ON CBN NAIRA SWAP POLICY
All Progressives Congress Presidential Candidate, Asiwaju Bola Ahmed Tinubu has hailed the Governors of the 36 states for standing on the side of the Nigerian people over the Central Bank new Naira and cashless policies that have subjected the masses to pains.
According to Asiwaju Tinubu, the Governors especially the APC Governors who instituted the suit against the CBN and Federal Government at the Supreme Court acted well on behalf of the hapless Nigerians who have been made to bear the brunt of Naira redesign policy that has been poorly implemented
The Supreme Court on Wednesday morning in a law suit brought before it by the governments of Zamfara, Kogi and Kaduna States gave an interim injunction against the CBN and Federal Government, allowing the old N200, N500 and N1000 to remain legal tender beyond February 10 deadline until the case is fully disposed.
Following the apex court ruling, Asiwaju Tinubu noted that the governors have saved the country from a needless political and economic crises and miseries which have clearly become the unintended consequences of the monetary policy of the apex bank.
Asiwaju Tinubu noted that the Supreme Court ruling coincided with the advisory of the International Monetary Fund urging for the extension of the deadline for the swap of the old naira notes, going by the problems being experienced across the country in getting the new notes.
“I want to salute the courage of our Governors and most especially the Progressives Governors in APC who acted to save our country from avoidable and dangerous political crises and social unrest which the Central Bank policy on new Naira notes has brought on our country.
“Our country was dangerously careering toward anarchy and political and economic shutdown. But with the Supreme Court interim ruling our country has been pulled back from the precipice. We thank our Supreme Court Justices for ruling wisely on the side of the people who have been subjected to undue agony and pains since this policy was announced.
“The Federal Government and relevant stakeholders can now sit down and work out better framework on how to proceed with the new policy without causing any social and economic disruption and inconvenience to our people. We have examples of other countries that have successfully and seamlessly changed their currencies to learn from.
“Those countries give a long time, at least 12 months to effect the currency change. They do not engage in CBN-like Fire Brigade approach.
“We have seen how a good policy can be poorly implemented to cause unintended problems for the people who should be the beneficiaries. While lessons have been learnt, we must now move on as a country and people with a Renewed Hope for a better tomorrow.
“The sole aim of my running to be the president of our country is to make life better and more abundant for our people and this is an ideal for which I will remain eternally committed to.”
Asiwaju Tinubu called on the CBN to ensure that the Supreme Court ruling is effectively executed by taking all necessary steps to (i) ensure sufficient availability of Naira notes (whether old or new) and (ii) properly sensitising the public on the ruling and the consequent validity of old Naira.
The Naira Redesign and Cashless Policy of the Central Bank of Nigeria has been described as a very good policy which has been poorly implemented and unnecessarily politicised.
Economic Expert and Co Founder of BudgIt, Seun Onigbinde, disclosed this while speaking on the confusion, hardship and chaos created by the implementation of the Policy by the Central Bank of Nigeria.
He added that the idea behind the Policy Direction is not wrong and also a part of the Legal Mandate of the Central Bank of Nigeria but it has not been properly carried out.
He said the belief by the Central Bank of Nigeria that the currency in Circulation is too much to make for an effective Monetary Policy in the country is a sound one but in trying to solve one problem, the bank ended up creating an entirely new one.
The implementation according to him was based on faulty planning on the part of the Central Bank of Nigeria which has left most Nigerians groaning under the hardship created by the inability of the bank to be more systematic ion its approach to the issue.
He pointed out the earlier redesign of the Naira Notes and the changing over from the old Naira Notes to the Polymer Notes of Five, Ten and Twenty Naira that were eased out of circulation over a period of time unlike the current situation where the Bank was not strategic enough to understand its limitation in printing the new Notes and getting them into circulation in sufficient enough quantity to prevent any chaos and the current hardship being experienced by Nigerians.
According to him the decision to redesign the Naira Notes based on what is playing out is Ad Hoc decision poorly put together and equally being poorly implemented.
He said the sudden decision was also reportedly aimed at preventing Politicians from massive vote buying adding that the days ahead will show how this goes.
On if the rush to implement the Cashless Policy is justified with the numerous challenges that the decision has thrown up in the last few weeks, Mr Onigbinde said the Central Bank of Nigeria did not properly analyse the decision.
He disclosed that even in more developed societies where the principle of Cashless Economy has been on for sometimes some transactions are still done with Cash listing Children going to School as a typical example.
He said failure to properly analyse issues in implementing the Redesign and Cashless Policy made the CBN overlook the obvious segment of the Nigerian Society the Rural Areas which depends on Cash.
He added that the publicly announced need to stop Vote buying is not even tenable since the nation already has enough mechanisms in place to tackle the menace of Vote buying.
TINUBU HAILS NIGERIAN GOVERNORS OVER SUPREME COURT RULING ON CBN NAIRA SWAP POLICY
All Progressives Congress Presidential Candidate, Asiwaju Bola Ahmed Tinubu has hailed the Governors of the 36 states for standing on the side of the Nigerian people over the Central Bank new Naira and cashless policies that have subjected the masses to pains.
According to Asiwaju Tinubu, the Governors especially the APC Governors who instituted the suit against the CBN and Federal Government at the Supreme Court acted well on behalf of the hapless Nigerians who have been made to bear the brunt of Naira redesign policy that has been poorly implemented
The Supreme Court on Wednesday morning in a law suit brought before it by the governments of Zamfara, Kogi and Kaduna States gave an interim injunction against the CBN and Federal Government, allowing the old N200, N500 and N1000 to remain legal tender beyond February 10 deadline until the case is fully disposed.
Following the apex court ruling, Asiwaju Tinubu noted that the governors have saved the country from a needless political and economic crises and miseries which have clearly become the unintended consequences of the monetary policy of the apex bank.
Asiwaju Tinubu noted that the Supreme Court ruling coincided with the advisory of the International Monetary Fund urging for the extension of the deadline for the swap of the old naira notes, going by the problems being experienced across the country in getting the new notes.
“I want to salute the courage of our Governors and most especially the Progressives Governors in APC who acted to save our country from avoidable and dangerous political crises and social unrest which the Central Bank policy on new Naira notes has brought on our country.
“Our country was dangerously careering toward anarchy and political and economic shutdown. But with the Supreme Court interim ruling our country has been pulled back from the precipice. We thank our Supreme Court Justices for ruling wisely on the side of the people who have been subjected to undue agony and pains since this policy was announced.
“The Federal Government and relevant stakeholders can now sit down and work out better framework on how to proceed with the new policy without causing any social and economic disruption and inconvenience to our people. We have examples of other countries that have successfully and seamlessly changed their currencies to learn from.
“Those countries give a long time, at least 12 months to effect the currency change. They do not engage in CBN-like Fire Brigade approach.
“We have seen how a good policy can be poorly implemented to cause unintended problems for the people who should be the beneficiaries. While lessons have been learnt, we must now move on as a country and people with a Renewed Hope for a better tomorrow.
“The sole aim of my running to be the president of our country is to make life better and more abundant for our people and this is an ideal for which I will remain eternally committed to.”
Asiwaju Tinubu called on the CBN to ensure that the Supreme Court ruling is effectively executed by taking all necessary steps to (i) ensure sufficient availability of Naira notes (whether old or new) and (ii) properly sensitising the public on the ruling and the consequent validity of old Naira.
The Naira Redesign and Cashless Policy of the Central Bank of Nigeria has been described as a very good policy which has been poorly implemented and unnecessarily politicised.
Economic Expert and Co Founder of BudgIt, Seun Onigbinde, disclosed this while speaking on the confusion, hardship and chaos created by the implementation of the Policy by the Central Bank of Nigeria.
He added that the idea behind the Policy Direction is not wrong and also a part of the Legal Mandate of the Central Bank of Nigeria but it has not been properly carried out.
He said the belief by the Central Bank of Nigeria that the currency in Circulation is too much to make for an effective Monetary Policy in the country is a sound one but in trying to solve one problem, the bank ended up creating an entirely new one.
The implementation according to him was based on faulty planning on the part of the Central Bank of Nigeria which has left most Nigerians groaning under the hardship created by the inability of the bank to be more systematic ion its approach to the issue.
He pointed out the earlier redesign of the Naira Notes and the changing over from the old Naira Notes to the Polymer Notes of Five, Ten and Twenty Naira that were eased out of circulation over a period of time unlike the current situation where the Bank was not strategic enough to understand its limitation in printing the new Notes and getting them into circulation in sufficient enough quantity to prevent any chaos and the current hardship being experienced by Nigerians.
According to him the decision to redesign the Naira Notes based on what is playing out is Ad Hoc decision poorly put together and equally being poorly implemented.
He said the sudden decision was also reportedly aimed at preventing Politicians from massive vote buying adding that the days ahead will show how this goes.
On if the rush to implement the Cashless Policy is justified with the numerous challenges that the decision has thrown up in the last few weeks, Mr Onigbinde said the Central Bank of Nigeria did not properly analyse the decision.
He disclosed that even in more developed societies where the principle of Cashless Economy has been on for sometimes some transactions are still done with Cash listing Children going to School as a typical example.
He said failure to properly analyse issues in implementing the Redesign and Cashless Policy made the CBN overlook the obvious segment of the Nigerian Society the Rural Areas which depends on Cash.
He added that the publicly announced need to stop Vote buying is not even tenable since the nation already has enough mechanisms in place to tackle the menace of Vote buying.
TINUBU HAILS NIGERIAN GOVERNORS OVER SUPREME COURT RULING ON CBN NAIRA SWAP POLICY
All Progressives Congress Presidential Candidate, Asiwaju Bola Ahmed Tinubu has hailed the Governors of the 36 states for standing on the side of the Nigerian people over the Central Bank new Naira and cashless policies that have subjected the masses to pains.
According to Asiwaju Tinubu, the Governors especially the APC Governors who instituted the suit against the CBN and Federal Government at the Supreme Court acted well on behalf of the hapless Nigerians who have been made to bear the brunt of Naira redesign policy that has been poorly implemented
The Supreme Court on Wednesday morning in a law suit brought before it by the governments of Zamfara, Kogi and Kaduna States gave an interim injunction against the CBN and Federal Government, allowing the old N200, N500 and N1000 to remain legal tender beyond February 10 deadline until the case is fully disposed.
Following the apex court ruling, Asiwaju Tinubu noted that the governors have saved the country from a needless political and economic crises and miseries which have clearly become the unintended consequences of the monetary policy of the apex bank.
Asiwaju Tinubu noted that the Supreme Court ruling coincided with the advisory of the International Monetary Fund urging for the extension of the deadline for the swap of the old naira notes, going by the problems being experienced across the country in getting the new notes.
“I want to salute the courage of our Governors and most especially the Progressives Governors in APC who acted to save our country from avoidable and dangerous political crises and social unrest which the Central Bank policy on new Naira notes has brought on our country.
“Our country was dangerously careering toward anarchy and political and economic shutdown. But with the Supreme Court interim ruling our country has been pulled back from the precipice. We thank our Supreme Court Justices for ruling wisely on the side of the people who have been subjected to undue agony and pains since this policy was announced.
“The Federal Government and relevant stakeholders can now sit down and work out better framework on how to proceed with the new policy without causing any social and economic disruption and inconvenience to our people. We have examples of other countries that have successfully and seamlessly changed their currencies to learn from.
“Those countries give a long time, at least 12 months to effect the currency change. They do not engage in CBN-like Fire Brigade approach.
“We have seen how a good policy can be poorly implemented to cause unintended problems for the people who should be the beneficiaries. While lessons have been learnt, we must now move on as a country and people with a Renewed Hope for a better tomorrow.
“The sole aim of my running to be the president of our country is to make life better and more abundant for our people and this is an ideal for which I will remain eternally committed to.”
Asiwaju Tinubu called on the CBN to ensure that the Supreme Court ruling is effectively executed by taking all necessary steps to (i) ensure sufficient availability of Naira notes (whether old or new) and (ii) properly sensitising the public on the ruling and the consequent validity of old Naira.
The Naira Redesign and Cashless Policy of the Central Bank of Nigeria has been described as a very good policy which has been poorly implemented and unnecessarily politicised.
Economic Expert and Co Founder of BudgIt, Seun Onigbinde, disclosed this while speaking on the confusion, hardship and chaos created by the implementation of the Policy by the Central Bank of Nigeria.
He added that the idea behind the Policy Direction is not wrong and also a part of the Legal Mandate of the Central Bank of Nigeria but it has not been properly carried out.
He said the belief by the Central Bank of Nigeria that the currency in Circulation is too much to make for an effective Monetary Policy in the country is a sound one but in trying to solve one problem, the bank ended up creating an entirely new one.
The implementation according to him was based on faulty planning on the part of the Central Bank of Nigeria which has left most Nigerians groaning under the hardship created by the inability of the bank to be more systematic ion its approach to the issue.
He pointed out the earlier redesign of the Naira Notes and the changing over from the old Naira Notes to the Polymer Notes of Five, Ten and Twenty Naira that were eased out of circulation over a period of time unlike the current situation where the Bank was not strategic enough to understand its limitation in printing the new Notes and getting them into circulation in sufficient enough quantity to prevent any chaos and the current hardship being experienced by Nigerians.
According to him the decision to redesign the Naira Notes based on what is playing out is Ad Hoc decision poorly put together and equally being poorly implemented.
He said the sudden decision was also reportedly aimed at preventing Politicians from massive vote buying adding that the days ahead will show how this goes.
On if the rush to implement the Cashless Policy is justified with the numerous challenges that the decision has thrown up in the last few weeks, Mr Onigbinde said the Central Bank of Nigeria did not properly analyse the decision.
He disclosed that even in more developed societies where the principle of Cashless Economy has been on for sometimes some transactions are still done with Cash listing Children going to School as a typical example.
He said failure to properly analyse issues in implementing the Redesign and Cashless Policy made the CBN overlook the obvious segment of the Nigerian Society the Rural Areas which depends on Cash.
He added that the publicly announced need to stop Vote buying is not even tenable since the nation already has enough mechanisms in place to tackle the menace of Vote buying.
TINUBU HAILS NIGERIAN GOVERNORS OVER SUPREME COURT RULING ON CBN NAIRA SWAP POLICY
All Progressives Congress Presidential Candidate, Asiwaju Bola Ahmed Tinubu has hailed the Governors of the 36 states for standing on the side of the Nigerian people over the Central Bank new Naira and cashless policies that have subjected the masses to pains.
According to Asiwaju Tinubu, the Governors especially the APC Governors who instituted the suit against the CBN and Federal Government at the Supreme Court acted well on behalf of the hapless Nigerians who have been made to bear the brunt of Naira redesign policy that has been poorly implemented
The Supreme Court on Wednesday morning in a law suit brought before it by the governments of Zamfara, Kogi and Kaduna States gave an interim injunction against the CBN and Federal Government, allowing the old N200, N500 and N1000 to remain legal tender beyond February 10 deadline until the case is fully disposed.
Following the apex court ruling, Asiwaju Tinubu noted that the governors have saved the country from a needless political and economic crises and miseries which have clearly become the unintended consequences of the monetary policy of the apex bank.
Asiwaju Tinubu noted that the Supreme Court ruling coincided with the advisory of the International Monetary Fund urging for the extension of the deadline for the swap of the old naira notes, going by the problems being experienced across the country in getting the new notes.
“I want to salute the courage of our Governors and most especially the Progressives Governors in APC who acted to save our country from avoidable and dangerous political crises and social unrest which the Central Bank policy on new Naira notes has brought on our country.
“Our country was dangerously careering toward anarchy and political and economic shutdown. But with the Supreme Court interim ruling our country has been pulled back from the precipice. We thank our Supreme Court Justices for ruling wisely on the side of the people who have been subjected to undue agony and pains since this policy was announced.
“The Federal Government and relevant stakeholders can now sit down and work out better framework on how to proceed with the new policy without causing any social and economic disruption and inconvenience to our people. We have examples of other countries that have successfully and seamlessly changed their currencies to learn from.
“Those countries give a long time, at least 12 months to effect the currency change. They do not engage in CBN-like Fire Brigade approach.
“We have seen how a good policy can be poorly implemented to cause unintended problems for the people who should be the beneficiaries. While lessons have been learnt, we must now move on as a country and people with a Renewed Hope for a better tomorrow.
“The sole aim of my running to be the president of our country is to make life better and more abundant for our people and this is an ideal for which I will remain eternally committed to.”
Asiwaju Tinubu called on the CBN to ensure that the Supreme Court ruling is effectively executed by taking all necessary steps to (i) ensure sufficient availability of Naira notes (whether old or new) and (ii) properly sensitising the public on the ruling and the consequent validity of old Naira.
The Naira Redesign and Cashless Policy of the Central Bank of Nigeria has been described as a very good policy which has been poorly implemented and unnecessarily politicised.
Economic Expert and Co Founder of BudgIt, Seun Onigbinde, disclosed this while speaking on the confusion, hardship and chaos created by the implementation of the Policy by the Central Bank of Nigeria.
He added that the idea behind the Policy Direction is not wrong and also a part of the Legal Mandate of the Central Bank of Nigeria but it has not been properly carried out.
He said the belief by the Central Bank of Nigeria that the currency in Circulation is too much to make for an effective Monetary Policy in the country is a sound one but in trying to solve one problem, the bank ended up creating an entirely new one.
The implementation according to him was based on faulty planning on the part of the Central Bank of Nigeria which has left most Nigerians groaning under the hardship created by the inability of the bank to be more systematic ion its approach to the issue.
He pointed out the earlier redesign of the Naira Notes and the changing over from the old Naira Notes to the Polymer Notes of Five, Ten and Twenty Naira that were eased out of circulation over a period of time unlike the current situation where the Bank was not strategic enough to understand its limitation in printing the new Notes and getting them into circulation in sufficient enough quantity to prevent any chaos and the current hardship being experienced by Nigerians.
According to him the decision to redesign the Naira Notes based on what is playing out is Ad Hoc decision poorly put together and equally being poorly implemented.
He said the sudden decision was also reportedly aimed at preventing Politicians from massive vote buying adding that the days ahead will show how this goes.
On if the rush to implement the Cashless Policy is justified with the numerous challenges that the decision has thrown up in the last few weeks, Mr Onigbinde said the Central Bank of Nigeria did not properly analyse the decision.
He disclosed that even in more developed societies where the principle of Cashless Economy has been on for sometimes some transactions are still done with Cash listing Children going to School as a typical example.
He said failure to properly analyse issues in implementing the Redesign and Cashless Policy made the CBN overlook the obvious segment of the Nigerian Society the Rural Areas which depends on Cash.
He added that the publicly announced need to stop Vote buying is not even tenable since the nation already has enough mechanisms in place to tackle the menace of Vote buying.
TINUBU HAILS NIGERIAN GOVERNORS OVER SUPREME COURT RULING ON CBN NAIRA SWAP POLICY
All Progressives Congress Presidential Candidate, Asiwaju Bola Ahmed Tinubu has hailed the Governors of the 36 states for standing on the side of the Nigerian people over the Central Bank new Naira and cashless policies that have subjected the masses to pains.
According to Asiwaju Tinubu, the Governors especially the APC Governors who instituted the suit against the CBN and Federal Government at the Supreme Court acted well on behalf of the hapless Nigerians who have been made to bear the brunt of Naira redesign policy that has been poorly implemented
The Supreme Court on Wednesday morning in a law suit brought before it by the governments of Zamfara, Kogi and Kaduna States gave an interim injunction against the CBN and Federal Government, allowing the old N200, N500 and N1000 to remain legal tender beyond February 10 deadline until the case is fully disposed.
Following the apex court ruling, Asiwaju Tinubu noted that the governors have saved the country from a needless political and economic crises and miseries which have clearly become the unintended consequences of the monetary policy of the apex bank.
Asiwaju Tinubu noted that the Supreme Court ruling coincided with the advisory of the International Monetary Fund urging for the extension of the deadline for the swap of the old naira notes, going by the problems being experienced across the country in getting the new notes.
“I want to salute the courage of our Governors and most especially the Progressives Governors in APC who acted to save our country from avoidable and dangerous political crises and social unrest which the Central Bank policy on new Naira notes has brought on our country.
“Our country was dangerously careering toward anarchy and political and economic shutdown. But with the Supreme Court interim ruling our country has been pulled back from the precipice. We thank our Supreme Court Justices for ruling wisely on the side of the people who have been subjected to undue agony and pains since this policy was announced.
“The Federal Government and relevant stakeholders can now sit down and work out better framework on how to proceed with the new policy without causing any social and economic disruption and inconvenience to our people. We have examples of other countries that have successfully and seamlessly changed their currencies to learn from.
“Those countries give a long time, at least 12 months to effect the currency change. They do not engage in CBN-like Fire Brigade approach.
“We have seen how a good policy can be poorly implemented to cause unintended problems for the people who should be the beneficiaries. While lessons have been learnt, we must now move on as a country and people with a Renewed Hope for a better tomorrow.
“The sole aim of my running to be the president of our country is to make life better and more abundant for our people and this is an ideal for which I will remain eternally committed to.”
Asiwaju Tinubu called on the CBN to ensure that the Supreme Court ruling is effectively executed by taking all necessary steps to (i) ensure sufficient availability of Naira notes (whether old or new) and (ii) properly sensitising the public on the ruling and the consequent validity of old Naira.
The Naira Redesign and Cashless Policy of the Central Bank of Nigeria has been described as a very good policy which has been poorly implemented and unnecessarily politicised.
Economic Expert and Co Founder of BudgIt, Seun Onigbinde, disclosed this while speaking on the confusion, hardship and chaos created by the implementation of the Policy by the Central Bank of Nigeria.
He added that the idea behind the Policy Direction is not wrong and also a part of the Legal Mandate of the Central Bank of Nigeria but it has not been properly carried out.
He said the belief by the Central Bank of Nigeria that the currency in Circulation is too much to make for an effective Monetary Policy in the country is a sound one but in trying to solve one problem, the bank ended up creating an entirely new one.
The implementation according to him was based on faulty planning on the part of the Central Bank of Nigeria which has left most Nigerians groaning under the hardship created by the inability of the bank to be more systematic ion its approach to the issue.
He pointed out the earlier redesign of the Naira Notes and the changing over from the old Naira Notes to the Polymer Notes of Five, Ten and Twenty Naira that were eased out of circulation over a period of time unlike the current situation where the Bank was not strategic enough to understand its limitation in printing the new Notes and getting them into circulation in sufficient enough quantity to prevent any chaos and the current hardship being experienced by Nigerians.
According to him the decision to redesign the Naira Notes based on what is playing out is Ad Hoc decision poorly put together and equally being poorly implemented.
He said the sudden decision was also reportedly aimed at preventing Politicians from massive vote buying adding that the days ahead will show how this goes.
On if the rush to implement the Cashless Policy is justified with the numerous challenges that the decision has thrown up in the last few weeks, Mr Onigbinde said the Central Bank of Nigeria did not properly analyse the decision.
He disclosed that even in more developed societies where the principle of Cashless Economy has been on for sometimes some transactions are still done with Cash listing Children going to School as a typical example.
He said failure to properly analyse issues in implementing the Redesign and Cashless Policy made the CBN overlook the obvious segment of the Nigerian Society the Rural Areas which depends on Cash.
He added that the publicly announced need to stop Vote buying is not even tenable since the nation already has enough mechanisms in place to tackle the menace of Vote buying.
TINUBU HAILS NIGERIAN GOVERNORS OVER SUPREME COURT RULING ON CBN NAIRA SWAP POLICY
All Progressives Congress Presidential Candidate, Asiwaju Bola Ahmed Tinubu has hailed the Governors of the 36 states for standing on the side of the Nigerian people over the Central Bank new Naira and cashless policies that have subjected the masses to pains.
According to Asiwaju Tinubu, the Governors especially the APC Governors who instituted the suit against the CBN and Federal Government at the Supreme Court acted well on behalf of the hapless Nigerians who have been made to bear the brunt of Naira redesign policy that has been poorly implemented
The Supreme Court on Wednesday morning in a law suit brought before it by the governments of Zamfara, Kogi and Kaduna States gave an interim injunction against the CBN and Federal Government, allowing the old N200, N500 and N1000 to remain legal tender beyond February 10 deadline until the case is fully disposed.
Following the apex court ruling, Asiwaju Tinubu noted that the governors have saved the country from a needless political and economic crises and miseries which have clearly become the unintended consequences of the monetary policy of the apex bank.
Asiwaju Tinubu noted that the Supreme Court ruling coincided with the advisory of the International Monetary Fund urging for the extension of the deadline for the swap of the old naira notes, going by the problems being experienced across the country in getting the new notes.
“I want to salute the courage of our Governors and most especially the Progressives Governors in APC who acted to save our country from avoidable and dangerous political crises and social unrest which the Central Bank policy on new Naira notes has brought on our country.
“Our country was dangerously careering toward anarchy and political and economic shutdown. But with the Supreme Court interim ruling our country has been pulled back from the precipice. We thank our Supreme Court Justices for ruling wisely on the side of the people who have been subjected to undue agony and pains since this policy was announced.
“The Federal Government and relevant stakeholders can now sit down and work out better framework on how to proceed with the new policy without causing any social and economic disruption and inconvenience to our people. We have examples of other countries that have successfully and seamlessly changed their currencies to learn from.
“Those countries give a long time, at least 12 months to effect the currency change. They do not engage in CBN-like Fire Brigade approach.
“We have seen how a good policy can be poorly implemented to cause unintended problems for the people who should be the beneficiaries. While lessons have been learnt, we must now move on as a country and people with a Renewed Hope for a better tomorrow.
“The sole aim of my running to be the president of our country is to make life better and more abundant for our people and this is an ideal for which I will remain eternally committed to.”
Asiwaju Tinubu called on the CBN to ensure that the Supreme Court ruling is effectively executed by taking all necessary steps to (i) ensure sufficient availability of Naira notes (whether old or new) and (ii) properly sensitising the public on the ruling and the consequent validity of old Naira.
Related posts:
Naira Notes Confusion shows Redesign, Swap poorly Implemented
Recolouring of naira ill-timed, poorly implemented-ADC
CBN Gov Godwin Emefiele insists cashless policy will be implemented
Naira Redesign, Currency swap poorly conceived, managed – Ologun
Supreme Court to deliver judgment on Naira Redesign policy policy
Cashless policy, Naira swap will deal with insecurity, corruption-Buhari
AGF Malami asks Supreme Court to dismiss state govt’s suit challenging CBN’s naira redesign policy
Naira Redesign Policy is Emefiele’s revenge mission – El Rufai
