The Abuja Chamber of Commerce and Industry (ACCI) has asked the Central Bank of Nigeria (CBN) to extend the deadline for the discontinuation of the use of current currency notes.<\/p>\n
Dr. Al-Mujtaba Abubakar, President of ACCI, made the appeal in a statement issued on Tuesday in Abuja in response to the CBN’s recent announcement on the redesign of the country’s currency.<\/p>\n
According to him, experts have had varying reactions to the policy, and while some experts agree with the CBN’s strategic objectives for the exercise, others disagree.<\/p>\n
“As a chamber, we recognize the advantages of this policy to include improvements in the integrity of the currency, curbing inflation, the efficiency of its supply, and strengthening the strategy to conduct monetary policy, among others.<\/p>\n
\u201cHowever, we are not unaware of the cons of this policy on the national economy, specifically to the Micro Small, and Medium Enterprises (MSMEs).<\/p>\n
\u201cWe would recommend to the apex bank to intensify public awareness campaign on the need for people and businesses to transit cash outside the banking system to the banks,\u2019\u2019 he said.<\/p>\n
According to Abubakar, the sensitization would allay Nigerians’ fears, deepen citizen buy-in, and build national support for the implementation process.<\/p>\n
At the same time, he believes the CBN should extend the deadline for the discontinuation of the use of old currency notes.<\/p>\n
\u201cThe chamber would also advise the CBN to provide financial and non-financial interventions (support) to cushion any likely negative impact this policy may have on businesses,\u2019\u2019 he said.<\/p>\n
The president also stated that the CBN, in collaboration with other stakeholders in the financial services eco-system, must continue to pursue, aggressively pursue, and expand financial inclusion to reach unbanked segments of society.<\/p>\n
\u201cThis can be achieved through new procedures that match the peculiarities of the informal economy.<\/p>\n
\u201cThe banking establishments also have a duty to harmonize bank charges associated with cash deposits,\u201d Abubakar said.<\/p>\n
The CBN had previously stated that the redesigned Naira notes would be available by December 15, and that the existing ones would cease to be legal tender on January 31, 2023.<\/p>\n
<\/p>\n
<\/p>\n
<\/p>\n