Olu Falae, the former Secretary to the Government of the Federation, has faulted the timing of the Naira redesign by the Central Bank of Nigeria (CBN), saying it is disruptive of the economy.
The CBN Governor, Godwin Emefiele, on Tuesday while appearing before the House of Representatives ad hoc committee on the cashless policy of the apex bank in Abuja assured the public that the value of old of 200, 500, and 1,000 naira notes will still be redeemed even after they have ceased to be legal tender by February 10.
But Falae, who is also a chieftain of the Afenifere pan socio-polical organization, while reacting to the development at a programme in Akure, the Ondo state capital said the currency redesign is a normal thing in the world, but should not be allowed to disrupt economic activities in the country.
The elder statesman said the CBN should phase 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 words “The timing could have been better. Been 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 movement. The timing could have been better and the organization too could have been better. Normally, when you want to withdrawn an existing currency from circulation, you ensure whatever goes into the banking system does not go out.
“Then, in exchanged for that you pay out the new one. If you that then in a short period, the old currency could be taken to the banking system and the new currency could have been in circulation. The could have improved on the timing and the sequence.”