According to him, one likely consequence of the policy is a reduction in the availability of foreign currency in the parallel market.
FCCPC executive vice chairman, Tunji Bello, described the proposal as a timely and long-awaited correction to a persistent consumer challenge.
PRP said the “ill-timed and insensitive policy” will exacerbate the financial woes of Nigerians.
In his inauguration address as 16th president of Nigeria, Mr Tinubu frowned at and referred to the interest rate as “anti-people and anti-business.”
After accepting the invalid naira notes from Governor Abiodun’s agents, his supporters were disappointed when banks rejected the notes on Monday.
The lawmakers noted that Nigeria lacked the right infrastructure to effectively operate a cashless system.
“It is regrettable that only two pieces of the new naira notes were given to each customer to ‘top and garnish’ the bundle of the N1,000 old notes issued to them by the bank.”
