The Civil Society Legislative Advocacy Centre, CISLAC, has said that the Central Bank of Nigeria, CBN, plan to redesign the 200, 500 and 1,000 naira notes is not an economic priority for the country, considering the current challenges facing the economy.
The Executive Director of CISLAC, Auwal Musa, made this known in a
statement, adding that there are more pressing needs that the CBN ought
to attend to, to set the economy on the path of revival.
Musa added that Nigerians’ concerned reactions to the announcement
were proof that the decision is a misplaced priority on the part of the
CBN.
He said the CBN should be more concerned with protecting foreign
exchange reserves from external outflows and making forex available to
the ordinary citizens who genuinely and legitimately need it, adding that
the huge blow to foreign direct investment was tantamount to the
inability of the CBN to do its job effectively.
