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NBA Visits Finance Minister Over Naira Redesign

NBA President, Y.C Maikyau paid a courtesy call on the Minister of Finance, Budget and National Planning, Zainab Ahmed, in Abuja over the redesigned naira notes.

Gatekeepers News reports that Maikyau in a statement said the essence of the visit was to intimate Ms Ahmed of Nigerians’ concerns over the the “demonetisation policy of the CBN.”

The NBA President said Nigerians are grappling “the scarcity of the new notes and difficulty in swapping the old notes.”

He informed the minister that NBA’s 128 branches had been directed to conduct a “survey and assess the impact of the policy on Nigerians in their respective jurisdictions.”

He said, “I added that while the CBN for the first time announced the policy in October 2022, citizens have only been given a mere 45 days to swap naira notes, since the new naira notes only became available from December 15, I noted that when a similar policy was introduced in an advanced economy as United Kingdom’s, the government had announced a date for demonetization 18 months in advance.”

In response, the Minister of Finance commended the NBA for being the first professional body to express concern over the issue, particularly as it relates to the provisions of Section 20 (3) of the CBN Act which allows Nigerians to approach the CBN to redeem their old currency notes even after the deadline.

She added that the government is aware of the concerns over the policy and that the ministry would reach out to the CBN in a bid to consider revisiting the January 31 terminal date of the demonetisation policy.

The NBA hopes for a good outcome to come out of this

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