Easing the pains of naira redesign

Gauging the mood of the nation since the implementation of the naira redesign policy conceived by CBN, one must have observed the anger, anguish and frustration in the faces of Nigerians.   In the last two weeks, the naira scarcity which hit the country has created chaos of great proportion. Many families are sleeping with empty […]

Gauging the mood of the nation since the implementation of the naira redesign policy conceived by CBN, one must have observed the anger, anguish and frustration in the faces of Nigerians.  

In the last two weeks, the naira scarcity which hit the country has created chaos of great proportion. Many families are sleeping with empty stomach as they could not access cash to meet up with necessities while traders recorded low patronage due to cash crunch.  

It is quite unfortunate, CBN which announced the policy on October 26, last year, could not properly implement it. It could only print partly N400 billion, which is grossly inadequate to meet demand.  

The main reason for the naira redesign policy is to render funds corruptly amassed or stashed worthless. It will also curb votes buying. Nonetheless, it should not be implemented to inflict more pains on suffering Nigerians.

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The CBN should take a cue from other countries with success stories of currency redesign and adopt those measures that would ease the difficulties. By so doing, it will avoid the current hitches being experienced and guard us against the manipulation of desperate politicians. 

Ibrahim Mustapha wrote from Pambegua, Kaduna State