Phasing out old naira notes has no economic value – LCCI

The Lagos State Chamber for Commerce and Industry, LCCI, has expressed disappointment over phasing out old naira notes.

LCCI disclosed that the policy has no economic significance to the country.

Media Talk Africa reported this in a statement on Wednesday by the Director General, LCCI, Dr Chinyere Almona.

It stated that businesses and Nigerians have continued to suffer untold hardship following the implementation of the Central Bank of Nigeria’s naira redesign policy.

“Businesses are suffering the consequences of the CBN currency management policy lapses. Regarding the deadline extension for phasing out old notes, the Chamber does not see any value in this if the scarcity of the new naira notes persists,” he stated.

“We regret that expectations have been dashed, business deals impeded, and loss of time and value experienced by many. The Central Bank needs to enlighten the public on grey areas about the scarcity of the new naira notes in addition to strengthening its policy implementation capacity. The minimum expectation in the face of a currency crisis in which we find ourselves.

“The new Naira redesign has triggered varied reactions and feedback that suggest that related issues like the phasing of old currency notes, withdrawal limit, and the scarcity of new notes may have started to impact businesses and social livelihood beyond intentions. While banks have endeavoured to meet the Currency demands of their customers through Automatic Teller Machines, and electronic transfers, the scarcity of the naira has rendered their efforts ineffective.”

The statement further noted: “Businesses are suffering the consequences of the CBN currency management policy lapses. Regarding the deadline extension for phasing out old notes, the Chamber sees no value in this if the scarcity of the new Naira notes persists.

“While we support the drive toward a cashless economy, redesigning the Naira and phasing out old currency notes could have been better planned and implemented with no hardship for businesses and individuals.”