A Senior Advocate of Nigeria, Emeka Etiaba, says the problems associated with the naira redesign policy are caused by its implementation process.
Etiaba said it could be possible that the newly printed notes are not reaching the people because banks stash them away in cahoots with the politicians.
“The truth is that you have to draw a dichotomy between the policy and the people who are implementing it; I think much of the problem we face in Nigeria today is implementation. We have seen that some banks stashed these monies away and probably in connivamce with politicians.
“Maybe these monies are not reaching the people because the government cannot be that naïve that they say don’t transact the old notes and they are not making available the new notes,” Etiaba said.
The CBN had on October 26, 2022, announced its plan to redesign the N200, N500, and N1,000 banknotes, fixing a January 31 deadline for the validity of the old notes.
With cries by many Nigerians occasioned by the scarcity of the new naira notes, the apex bank extended the deadline from January 31 to February 10 with the President’s approval.
The governments of Kaduna, Kogi, and Zamfara states had filed a suit at the Supreme Court seeking to stop the February 10 deadline for the validity of the old naira note, with the apex court granting an ex parte retraining the FG from implementing the deadline.
Also speaking on Friday, Etiaba said that apart from obeying the Supreme Court order, the CBN should continue to review the implementation.
Buhari had last Friday after a meeting with some APC governors asked for seven days to make a major decision on the policy.
The seven-day deadline elapses today and Nigerians are earnestly awaiting to see what decision the President will eventually take on the issue as uncertainty still becloud the deadline date.