Naira redesign: Professionals not properly consulted – APBN

The Association of Professional Bodies of Nigeria (APBN) has faulted the Central Bank of Nigeria (CBN) for not properly seeking the input of professionals in the planning and execution of the new naira.

President of APBN, Manason Rubainu, stated this at the association’s board meeting held in Lagos. Rubainu said: “We are currently faced with fuel and naira crises. At each stage of the planning of these things, the ideas of professionals are very important; both from developing ideas, strategy and logistics, the input of professionals are very much required. If professional advice were brought to play, we would not have some of these crises we are having.

“The logistics of all these activities, there are too many of them: the printing of the Naira, how much to print, how to distribute them. There are professionals in each of these areas that would have advised on the proper measures to achieve them. We believe that professionals were not carried immensely into this. The law says that CBN can do it, but the same law says CBN should do it gradually. It just came all of a sudden and the whole system was overwhelmed.

He was hopeful that the government would make efforts to ameliorate these inadequacies so that the citizens can quickly get out of this hardship that came as a result of the redesign of the Naira by the CBN.