Naira redesign strangulating Nigerians – Northern elders warn CBN

The Northern Elders Forum, NEF, has said the naira redesign by the Central Bank of Nigeria, CBN, is strangulating Nigeria’s economy.

NEF urged the CBN to revisit and postpone the deadline for the swap of the redesigned naira dominations.

A statement by the forum’s Director of Publicity and Advocacy, Hakeem Baba-Ahmed said the currency swap has not worked as planned.

“The currency swap programme has not worked as planned, and it is strangulating economies, communities and the patience of the citizens.

“It should be revisited, particularly around its timelines and operations of the CBN and banks. Whatever its benefits, it cannot be of value if it destroys many aspects of the economy, or alienates already hard-pressed citizens further.

“The Forum advises a postponement of its deadlines and a major review of the utility of the continued stay of the leadership of the CBN in place.

“The Forum warns that Nigerians will not accept to live under any arrangement that offends the constitution of the Federal Republic of Nigeria,” he said.

The CBN had announced January 31 as the deadline to phase out the old denominations of N200, N500, and N1000 notes.

Despite agitations and anger from Nigerians, CBN Governor, Godwin Emefiele had insisted that the deadline was sacrosanct.