Naira Redesign: Abuja Chamber of Commerce asks CBN to extend deadline for old currencies
The Abuja Chamber of Commerce and Industry (ACCI) has appealed to the Central Bank of Nigeria (CBN) to extend the deadline for the non-continuation of the use of the current currency notes.
ACCI president, Al-Mujtaba Abubakar, appealed in a statement on Tuesday in Abuja in reaction to the recent announcement by the CBN on redesigning the country’s currency.
“As a chamber, we recognise the advantages of this policy to include improvement in the integrity of the currency, curbing inflation, the efficiency of its supply and strengthening the strategy to conduct monetary policy, among others.
“However, we are not unaware of the cons of this policy on the national economy, specifically to the Micro, Small and Medium Enterprises (MSMEs).
“We would recommend to the apex bank to intensify public awareness campaign on the need for people and businesses to transit cash outside the banking system to the banks,’’ he said.
Mr Abubakar explained that the sensitisation would allay the fears of Nigerians, deepen the buy-in of the citizenry and build national support for the implementation process.
According to him, at the same time, the CBN should extend the deadline for the non-continuation of the use of the old currency notes.
“The chamber would also advise the CBN to provide financial and non-financial interventions (support) to cushion any likely negative impact this policy may have on businesses,’’ he said.
The president also said the CBN, working with other stakeholders in the financial services eco-space, needed to sustain and aggressively pursue and expand financial inclusiveness to cover unbanked segments of society.
“This can be achieved through new procedures that match the peculiarities of the informal economy.
“The banking establishments also have a duty to harmonise bank charges associated with cash deposits,” Mr Abubakar said.
The CBN said the redesigned naira notes would be released on December 15, adding that existing ones would cease to be regarded as legal tender by January 31, 2023.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
NationWide
Nigeria positioned to power clean energy Future: Tinubu
Mr Tinubu expressed his firm commitment to improve the developmental partnership between the European Union and Nigeria.
Africa
Benin, Liberia, Sierra Leone roll out malaria vaccines
With the announcement on World Malaria Day, the number of African countries incorporating the vaccines into their childhood immunisation programmes increased to eight.
NationWide
Group urges FG to decongest custodial centres after Suleja jailbreak
”We also call on the public to pay more attention to issues concerning corrections in Nigeria.”
Politics
PDP unveils 200-member campaign council for Edo 2024 guber election
The advisory council has seven eminent members of the state.
Africa
ECOWAS moves to tackle drug abuse in Sierra Leone, other countries
ECOWAS said the workshop was also to support efforts to tackle drug abuse and provide resources and strategies for member states, particularly Sierra Leone.
Lagos
FG to resume resurfacing of Third Mainland Bridge: Official
She said that the exact dates for the renewed construction would be announced soon.