Currency Crisis: LCCI declares phasing out old naira notes valueless

…businesses are suffering the consequences of CBN currency management policy lapses

by Omolola Dede Adeyanju

The Lagos State Chamber for Commerce and Industry (LCCI) has expressed its disappointments over the phasing out of old naira notes and declares it of no value if the currency crisis persists.

This was related by the Director General, LCCI, DR. CHINYERE ALMONA, FCA, through a press statement. According to the DG, ‘With the launch of the redesigned Naira notes last December, expectations were high for the smooth transition to the use of the new notes for business transactions across the country.

‘We regret to note that expectations have been dashed, business deals impeded, and loss of time and value experienced by many. The Central Bank needs to enlighten the public on grey areas about the scarcity of the new Naira notes in addition to strengthening its policy implementation capacity. This is the minimum expectation in the face of a currency crisis in which we find ourselves.

‘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 we support the drive toward a cashless economy, redesigning the Naira and phasing out old currency notes could have been better planned and implemented with no hardship for businesses and individuals’.