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Naira Redesign: Lagos Assembly Commends NASS
Naira Redesign: Lagos Assembly Commends NASS
– Says Nigerians are suffering, economy in danger
Sahara Weekly Reports That The Naira redesign policy of the Central Bank of Nigeria (CBN) has brought mass suffering on the citizens of the country while the economy is in danger, the Lagos State House of Assembly has lamented.
The lawmakers further noted that even though the policy was a good one, its timing was wrong as it had further thrown the country into economic chaos which could become difficult to resolve if urgent steps are not taken.
The CBN had announced a 10-day extension of the deadline for currency swap at the weekend, but at a sitting presided over by Speaker Mudashiru Obasa on Tuesday, the lawmakers urged the CBN to extend the deadline for currency swap as the policy had not helped the country.
Dr. Obasa noted that the concern of the lawmakers had to do with the pains, anguish and anger spreading among Nigerians over their inability to access the new currency.
“Economists have said most times you cannot use new currency to control inflation, it doesn’t achieve the purpose most times,” Obasa said adding that the intention of the policy as claimed by CBN had been defeated owing to the various complaints from experts and people across the country.
The Speaker said the CBN should have engaged stakeholders while citizens should have been adequately carried along rather than an ‘over-night’ policy by the CBN.
“There are people in the rural areas. It is obvious that the additional 10 days is not even going to be enough.
“The idea is a good one but the way it is being implemented will have an adverse effect on the people.
“We need to commend the National Assembly for showing quality representation and prompt action to intervene for an extension of the deadline.”
The Speaker said that in other countries, old currencies are not discarded in a rush, but allowed to gradually fade out of the system.
Hon. Rotimi Olowo, the lawmaker representing Somolu Constituency 1 who moved the motion, sought for an extension of the deadline till July 2023 in line with the resolution of the National Assembly, while noting the suffering the policy had brought on Nigerians.
Olowo complained about the unavailability of the new notes and the effect on the people, including small business owners and those in rural areas.
Contributing to the motion, Hon. Saka Solaja, chairman of the House committee on public account for state, argued that financial policies are not implemented the way the CBN had gone about the Naira redesign.
“We see videos of people beating themselves mercilessly at ATMs, yet there is no money,” he lamented while supporting the call for an extension of the deadline by the CBN.
On his part, Hon. Richard Kasunmu (Ikeja II) argued that the timing of the policy was not right, especially as the country was still grappling with challenges of effective internet connectivity.
He recalled how he spent five hours a day earlier trying to make an electronic transfer of ₦55,000 to resolve an emergency situation.
“We should be looking at the larger Nigerian people. If we want to survive the Nigerian economy, this should not be a good time for such policy,” he said.
While Hon. Victor Akande (Ojo 1), argued that Emefiele breached a part of the CBN Act concerning the policy, Hon. Setonji David noted: “All over the world, CBN governors are economists, not bankers like Emefiele.
“Our people are suffering and the money can’t be found at the ATMs. If you go to the ATMs, you would see how people are struggling,” he lamented.
The motion was passed by the Speaker after a voice vote of all the members at the sitting.
Eromosele Ebhomele
Chief Press Secretary to the Speaker of the Lagos State House of Assembly.
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You’re a liar, apologise to seyi Tinubu within the next 24 hours or you will be arrested
The Vice Chairman of Amuwo Odofin Local Government Area,Hon.Ashara Maureen chika has beckoned on Nigerians to stop the rampant killings that’s ravaging the country at the moment and embrace love in the quest to stimulate and foster national unity and togetherness as Christians celebrate Easter.
Speaking to newsmen today in Lagos, the beautiful politician enunciated the need for Christians to promote peace and love, using it as tool to bring the nation together ” Christianity promotes peace and love, it’s not a religion that promotes cruelty,viciousness and wickedness, Christians are known for their endurance and perseverance, Easter, being the period of the death of our Lord Jesus Christ,is a period of reconciliation and we should channel it in a way that it’s going to have a salutary effect on the Nigerian nation and stimulate unity, let’s stop the killing that is going on the country because it’s not healthy for any nation”.
She also beckoned on Nigerians to be patient with the administration of Bola Ahmed Tinubu because he’s capable and will make Nigerians to smile very soon “the process of building is always tough, rough, hectic and cumbersome, Nigeria was decaying before the president assumed office,all the policies he’s implementing will ultimately be to the boon of Nigerians,all will need is little patience and everyone will smile;I want to wish all the Christians in Nigeria and all over the world a happy Easter celebration and appeal to Nigerians to be patient with the government of Asiwaju because he’s on a mission to salvage the image of the country and revamp the entire nation”.
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