New Naira Notes: CBN Failed In implementation- Moghalu

A former deputy governor of Central Bank of Nigeria (CBN), Professor Kingsley Moghalu has said the basics were not properly managed in introduction of new naira notes.

 

NewsOnline reports that Moghalu said as former deputy governor of CBN for operation he supports the introduction of the new naira notes, but added that the duration of three months given by the apex bank was not enough.

 

The professor of political economics added that CBN led by Godwin Emefiele ought not to have allowed deposit money banks depositing old notes in ATMS for withdrawals by citizens one week before the deadline.

 

He said the citizens may suffer from the implementation which was avoidable. “I support the Central Bank of Nigeria (CBN) cash-less policy (note: less cash, not NO CASH) and indeed I led its implementation several years ago as Deputy Governor for Operations.

 

READ ALSO: BUHARI SPEAKS ON CIRCULATION OF NEW NAIRA NOTES

 

“It’s more efficient and transparent. But cash must still be an option. Even in the most advanced economies this is so. We can’t criminalize” the use of cash by citizens who chose that option, and I am emphatic about this.”

 

The former CBN deputy governor said the decision fo CBN put maintain its stand that 31st Januray remains the deadline for old naira notes with the intention to curb vote-buying in February election is good but the citizens should be considered.

 

“INEC and our law enforcement agencies are not following our corrupt politicians “bumper to bumper” as they should. Citizens shouldn’t suffer for that.

 

“Indeed, in a country with so much poverty and illiteracy, we must accept the limitations of this reality and focus on those fundamentals of educating and giving poor people opportunities to create income and wealth. We can’t minor in the major and major in the minor. Basics first,” Moghalu added.