MON. 20 FEB, 2023-theGBJournal| The Centre for the Promotion of Private Enterprise (CPPE) say they are concerned about the conflicting directives emanating from the CBN on where to deposit the old currency notes – whether the commercial banks, or Central bank.
According to the think-tank, the confusion is inflicting additional pains on already traumatized millions of innocent Nigerians seeking to return the old notes.
‘’Amid the chaos which the badly implemented policy has created, it is evidently impractical for the CBN offices to properly handle this process of receiving old currency notes which are still in abundance in the hands of millions of Nigerians,’’ the Centre said in a statement seen by theG&BJournal Sunday.
The Centre argued that it is practically impossible for the Central Bank of Nigeria (CBN) to manage this process without subjecting Nigerians to another round of harrowing experience because there is only one branch of the CBN office in each state of the federation and the FCT.
‘’The experience and images and disorderliness of the past few days at the CBN offices graphically illustrates this position.’’
CPPE appealed to President Muhammadu Buhari and the CBN to give this process a human face.
‘’The agony and trauma inflicted by the entire management of the policy is unspeakable. Accordingly, We plead with the CBN to allow the old notes to be deposited at the commercial banks to ease the current pains and ordeal of returning the old notes.’’
In the statement, the Centre’s CEO Muda Yusuf said, the process should also be simplified to accommodate millions of rural dwellers, the informal sector players, the over 30 million unbanked Nigerians and several millions that are not literate.
‘’The current guidelines which require filling of forms on the CBN portals, generating codes etc. does not reckon with millions of Nigerians that seek to return their old notes who are not literate, who don’t have access to internets and who are in very remote locations in various parts of the country.’’
He said they are Nigerians and are entitled to a fair consideration in the implementation process.
‘’Most of them are women, microenterprises and small businesses contributing immensely to employment, poverty reduction and social stability at the bottom of the economic pyramid of our country. It is bad enough that their lives and livelihoods have been terribly disrupted and disoriented.’’
The Centre pleaded with the CBN to review its processes in the interest of fairness, justice and social inclusion.
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