- Indicts CBN’s Channels Of Distribution Of New Naira Notes
Amid the current anxiety aggravated by the Supreme Court ruling against the Central Bank of Nigeria (CBN) new banknotes Swap, the former President and Chairman Council of Chartered Institute of Bankers in Nigeria (CIBN) and now Dean, College of Postgraduate Studies, Caaleb University, Lagos, Professor Olusegun Joseph Ajibola has picked holes in the implement of the Policy
The bank chief stated that there was a disconnect somewhere by reason of professional ethics as commercial banks have failed to come out to defend themselves that they are not culpable the ongoing scarcity of the new naira notes.
Ajibola who noted in dismay that the regulator of the policy, CBN has failed to ensure that the channels of distribution of the new naira notes working, indicted the the operators of system, the commercial banks for engaging in underhand dealing that threatened to truncate to the entire.
“Nigerians are saying, make the new notes available. Despite it’s scarcity, the new naira notes are common sight in party venues, under bridges Lagos and major cities in Nigeria. Definitely there’s a disconnect between the CBN and banks. Hence, both of them need to explain to Nigerians their immediate challenges,” he said.
Again this backdrop, the Economics Professor urged the different federal government security agencies as the Economic and financial Crime, Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC)! to up their game in tracking down the group of persons engaged in the unwholesome practice of selling the new naira notes as well as banks accused of indulging in Sharp practices.
The Dean who also observed in dismay that the anxiety raised by the Supreme Court ruling has gradually forced the informal sector of the economy into extinction, disclosed that petty traders, especially those domiciled in the Riverine areas and villages complained bitterly of their inability to access the new naira notes, there by putting their legitimate means of livelihood in total jeopardy.
While evaluating the policy, Ajibola disclosed that not less than 30% of Nigerians have been financially excluded, adding that there must be financial discipline to guard against the current stampede being experienced in banks nation wide.
He, however, stated that the pressure on the naira swap has not been easy to manage but implored Nigerians to capitalize on the opportunity to embrace the new normal.
