CBN finally Breaks silence after Supreme Court Order on New Naira Deadline

New naira: We didn’t anticipate challenges, CBN admits

On Thursday, the Central Bank of Nigeria said that they hadn’t planned for the ongoing shortage of cash due to the redesign of the naira and the cash withdrawal policy.

This happened as angry Nigerians were protesting and attacking banks because they couldn’t get cash to do their regular business.

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Folashodun Shonubi, the bank’s Deputy Governor, said this at the 22nd fellowship conferment lecture and ceremony in Abuja, which was put on by the Nigerian Society of Engineers.

The lecture was titled, “The intricacies of the naira redesign and its benefit to Nigerians”.

He explained that contrary to public opinion, the redesign plan which has been in the works for two years was not to punish anyone but to improve the economy.

The deputy governor said that the problems were caused by a new business line started by Nigerians themselves. He also said that many benefits have been gained, including getting N2 trillion back into the banking system.

He said, “As you know, Nigerians are very ingenious. And we gave people a whole new way to make money that we had never thought of.

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“One part of that is waiting in line, where you can sell your place in line for money. Night crawling is when you wait until night, get lots of cards from your friends and family, go to an ATM, and use different cards to empty the machines. You then take the cash and sell it.

“So it’s been a bit stressful to be honest because we did not anticipate this kind of behaviour.”

Shonubi, on the other hand, said that the problems will soon be over and that the top bank will do everything it can to fix the current situation.

“I believe that sooner rather than later, the stress ongoing in relation to money would reduce,” he concluded.

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