Creating a small window for considered to be extension of all old notes to be deposited in the banks is a welcomed development, sadly it is not sufficient.

Reacting to the development, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, said the 10-day extension given by the Central Bank of Nigeria (CBN) for the phasing out of old naira notes is ‘insufficient.’

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The CPPE boss, on Sunday lambasted the CBN over the numerous gaps identified in the implementation of its naira redesign policy.

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According to Yusuf “The 10 days is grossly inadequate to make up for the glaring shortcomings of the apex bank in this process.”

Amidst complaints from Nigerians over the scarcity of the new notes ahead of the 31 January deadline, the CBN governor had on Sunday announced a 10-day extension of the deadline for the use of old naira notes across Nigeria.

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Godwin Emefiele, told journalists that the President Muhammadu Buhari had approved an extension of the deadline for the phasing out of the old notes.

Yusuf condemned the CBN’s decisions stating that the apex bank has grossly underestimated what it takes to execute this transition from the old notes to the new notes.

“We (Nigerians) have seen clear evidence of lack of capacity with respect to production from the CBN because if something is available in adequate supply it would show and if otherwise, it will still be obvious as it is currently the case with Nigerians,” he said.

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“Clearly we are dealing with a situation of acute shortage, that’s when you relate what’s made available to the demand for the new notes. Even up to last Friday, some banks and ATMs were still dispensing the old notes.”

He explained that the current situation is not a result of a lack of trying on the part of the citizens, but the aftermath of the banking system’s inability and lack of capacity to respond to the exponential demands for new notes.

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