NECA to FG: Prosecute Those Sabotaging Sufficient Supply of New Naira Notes

Meanwhile, the Nigeria Employers’ Consultative Association (NECA) has called on the federal government to prosecute those found culpable of sabotaging efficient and smooth implementation the Naira redesign policy.

The call was contained in a statement was issued yesterday, by the Director General of NECA, Mr. Adewale-Smatt Oyerinde, in which he called on government to save Nigeria’s fragile economy from further bashing, even as Nigerians grapple with multi-facet problems.

 Oyerinde said: “The government should, as a matter of urgency, ensure the availability of the new Naira notes and if necessary to prosecute saboteurs to ease the frustration of Nigerians and avert the impending breakdown of law and order.

He also tasked the government on efficient implementation of its policies.

“One worrisome and distinctive feature of recent economic policies remains the poor implementation of such. While it is commendable to develop policies and programmes, the implementation of same is as important to the success of the said policies and programmes,” adding that currently the “trail of poor implementation of decisions is palpable and worrisome.

“It is obvious that the country is not short of good policies, but their implementation by relevant authorities has remained a challenge. While the Naira redesign is commendable, the implementation so far is short of commendable.

“A policy that was purportedly designed to curb inflation, encourage the cashless culture and foster financial inclusion among others is inadvertently pushing many Nigerians into frustration in view of the current epileptic bank transfer/e-payment systems and general inadequacy of online banking infrastructure.

“The current situation portends grave danger for the economy, even as Nigerians do not have access to the new notes, businesses are short of sales and most employees find it difficult to go to work because of lack of cash. It is apt to conclude that it could be counter-productive to seek to implement a cashless economy abruptly, when at the same time the new Naira notes are being rolled out in limited quantities within an impracticably short timeframe.”

Group Sues CBN, Wants Six Months Extension

Meanwhile, a socio-political group, the Social Rehabilitation Grace and Supportive Initiative  (SRG) has dragged the Central Bank of Nigeria (CBN) before the Federal High Court, in Akure, Ondo State asking the court to compel the apex bank to extend the expiry date of the old Naira notes by six months.

The SRG was convened by a Nigeria-born United States medical doctor, Dr. Marindoti Oludare.

The applicants in the suit were Oludare, the SRG and Omoyele Ishola. They are praying the court to extend the February 10, 2023, for the expiration of the old naira notes by six months.

The applicants sought among others, an interim injunction restraining, “the respondent, agent, or servants from enforcing the deadline date of 10th February 2023, wherein the old N200, N500, and N1000 currency notes cease to be legal tender, pending the hearing and determination of the motion on notice.”

The applicants also added that the court should give “an order compelling the respondent to extend the submission  of old N200, N500 and N2000 currency notes, by a minimum of six moths before same are finally called in and cease to be a legal tender,  pending the hearing and determination  of the motion on notice.”

In a 26-paragraph Supporting Affidavit deposed to by the 3rd Applicant, Omoyele Ishola, he stated that the Respondent did not give adequate notice to the public and failed to print enough new N200, N500 and N1000 notes to ensure efficient supply and circulation.