LCCI Calls on CBN to Clarify Grey Areas about New Naira Notes Scarcity

The Lagos Chamber of Commerce and Industry (LCCI) has called on the Central Bank of Nigeria (CBN) to “enlighten the public on grey areas about the scarcity of the new Naira notes.”

It also advised the apex bank on the need to strengthen its policy implementation capacity.”

This call was made yesterday by the Director General of LCCI, Dr. Chinyere Almona, in a public statement titled, “LCCI Statement on the Phasing Out of Old Naira Notes.”

The chamber lamented that, “businesses are suffering the consequences of the CBN’s currency management policy lapses.”

It also stated clearly that the chamber did not see any value in the CBN’s extension of the deadline for phasing out old notes as long as the, “scarcity of the new naira notes persist.”

The LCCI stated: “With the launch of the redesigned naira notes last December, expectations were high for the smooth transition to the use of the new notes for business transactions across the country.

“However, we regret to note 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. This is the minimum expectation in the face of a currency crisis in which we find ourselves.”

It stated that the new naira redesign had triggered varied reactions and feedback that suggested that related issues like the phasing of old currency notes, withdrawal limit, and the scarcity of new notes might have started to impact businesses and social livelihood beyond intentions.

“While banks have endeavored to meet the currency demands of their customers through ATMs and electronic transfers, the scarcity of the naira has rendered their efforts ineffective.

“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,” the LCCI said.