New Telegraph

Falae To CBN: Naira design ‘ill-timed

Former Secretary to the Government of the Federation, (SGF) and Afenifere chieftain, Oba Olu Falae yesterday faulted the timing of the Naira design by the Central Bank of Nigeria (CBN), saying it is disruptive of the economy. Falae, who spoke with reporters after a programme in Akure, the Ondo State capital said the currency design is a normal thing in the world, but should not be allowed to disrupt economic activities in the country. The elder statesman said the CBN should phase out the old Naira gradually and not give a deadline for the expiration of the old notes as being done in the country presently.

He added: “The timing could have been better. Been so close to the election, it’ is too rather disruptive because being so close to election people would be moving around. “The scarcity of funds may disrupt those movement. The timing could have been better and the organization too could have been better. “Normally, when you want to withdrawn an existing currency from circulation, you ensure whatever goes into the banking system does not go out.

“Then, in exchanged for that you pay out the new one. If you that then in a short period, the old currency could be taken to the banking system and the new currency could have been in circulation. The could have improved on the timing and the sequence.” Speaking on the attack of President Muhammadu Buhari by some hoodlums in Kano and Katsina states, Falae described the act as barbaric which should be condemned.

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