Naira swap: VC tasks CBN to inject more funds to reduce public outcry

The Vice-Chanellor, Bells University of Technology, Ota, Ogun State, Prof. Jetemiah Ojediran, has appealed to Central Bank of Nigeria (CBN) to release more funds into circulation, to reduce the sufferings of Nigerians.

Ojediran made the appeal while speaking with the journalists on Thursday in Ota, Ogun.

Recall that the Supreme Court, on Wednesday, granted an interim injunction restraining the apex bank from enforcing the Feb.10 deadline on Naira swap.

He commended the the decision of the court for restraining the CBN from enforcing the deadline on Naira swap.

The vice-chancellor noted that the apex bank needs to inject more funds into the system to reduce hardships inflicted on Nigerians.

“An extension by the Supreme Court will be useless if the CBN does not inject sufficient funds into the circulation,” he said.

Ojediran said that the development is an unfortunate situation and unexpected, adding that there was no proper planning for the fiscal change.

He said that this Naira swap was supposed to be a long time plan of gradually transitioning to the new look.

The Vice-Chancellor noted that something has to be done as the apex bank, Department of State Services (DSS) and other law enforcement agencies, have to move in to ensure that people could get their cash from the deposit money banks.

Ojediran urged the Federal Government to be responsive in tackling petrol and cash scarcity, to reduce sufferings of the masses.