Naira Redesign: Good Idea With Faulty Implementation

The President, Body of Benchers in Nigeria, Chief Wole Olanipekun (SAN), yesterday said the redesigned naira policy being carried out by the Federal Government is a good idea wrongly implemented. Olanipekun decried the rate at which Nigerians, especially people at the informal sector, whom he described as constituting the majority of the masses, scrambled to get their hard earned money to spend over new naira notes. The legal luminary said: “The reality on ground is that the policy of the new redesigned naira is a good idea but the implementation of the good idea is faulty.”

He called on the Federal Government to alleviate the sufferings of Nigerians as regards the redesigned notes, most especially for the people in the informal sector of the economy. He said the people in the informal sector, who are in the majority, are the ones that are badly affected in the country now, those who don’t have bank accounts such as the motherless, the fatherless, taxi drivers, orphans, petty traders,among others. “That Nigerians are suffering, yes, people depend on some people, who are not using POS, to feed, pay school fees, buy something to eat at home every day.” According to Olanipekun, “In Nigeria, those who make out the informal economy are people who are not into white collar jobs, the government don’t pay them monthly, they sell, hawk their wares, the downtrodden.