How our plans were ruined – CBN

The Central Bank of Nigeria (CBN) has stated that it has not envisaged the sabotages and compromises that brought hardship to Nigerians and ruined their initial plans for the introduction of the newly redesigned Naira notes.

Deputy Governor, Operations, CBN, Engr. Folashodun Adebosi Shonubi stated this while speaking as a guest lecturer at the 22nd Fellowship Conferment lecture and ceremony of the Nigerian Society of Engineers (NSE) in Abuja  yesterday.

He said, the CBN had been planning the Naira redesign for over two years which he said has not been done in the last 15 to 19 years.

According to him, the apex bank planned to have a smooth transition of the old notes without much hassle, but it turned into a big challenge as Nigerians were trapped in a difficult situation which has not been anticipated.

We allocate new notes to banks on daily basis — CBN

We allocate new notes to banks on daily basis — CBN

He said, the situation has led to increased apprehension as people struggled to get access to the new notes and the disposal of their old notes within a limited time.

Shonubi said, the CBN has put in place all measures to democratise the distribution system, but it was hijacked by some elements that disrupted the system and created hardship for ordinary Nigerians.

The CBN Deputy Governor said certain people have access to the new notes while banks are complaining of running out of cash.

He said, the limit of withdrawal was put in place to reduce the instances of only a few people having access to cash, and banks were directed to provide the new notes only through ATM withdrawals.

He said, 1.4 million agents were selected and deployed to cater for Nigerians in the rural areas with no access to banks, the leverage to have cash which was also compromised.

He however said, the measure created inadvertently a business line for some unscrupulous Nigerians which was not anticipated.

He assured that measures are being put in place with the EFCC, ICPC and other agencies to reduce the hassles being faced by Nigerians.

In his opening remarks, NSE President, Engr. Tasi’u Sa’ad Gidari Wudil congratulated the 94 Engineers conferred with the fellowships.

He said, said the fellows have undergone painstaking scrutiny to have been awarded the fellowship.

According to him, the fellows will now enjoy a rare privilege that the fellowship status imparted to them to contribute to the growth of society.