NOA says Nigerians misconceived naira redesign policy, blames banks for crisis

The National Orientation Agency (NOA) on Monday stated that a number of Nigerians misconceived the ongoing naira redesign policy of the Central Bank of Nigeria (CBN).

NOA Director-General, Garba Abari, who addressed journalists in Abuja, said Nigerians were not adequately aware of what the monetary policy entails.

Abari fingered commerical banks for the scarcity of new naira notes which had culminated in ugly incidences in different parts of the country.

The NOA boss advocated more strategies capable of keeping Nigerians adequately informed about the policy.

He said: “People were of the opinion that NOA’s sensitisation campaign should have commenced earlier before the new naira redesign policy of the CBN commenced, so as to gain citizens buying the idea.

“It was observed that there were large number of people who misconceived or have wrong perception of the new naira redesign policy of the CBN. There is the need to redouble efforts towards creating more awareness on the policy.

“Some people were of the opinion that time allocated for the change of new Naira notes is insufficient and many people can’t meet the deadline.

READ ALSO:CIBN addresses banks’ survival amid attacks caused by CBN’s Naira redesign policy

“We observed that commercial banks were not issuing the new naira notes to the public as a result most people in the rural areas said they were yet to see the redesigned naira notes. People expressed concern over the non-availability of the new naira notes in circulation which in turn affected their businesses.

“It was also observed that before the deadline, some people have commenced the rejection of old naira notes which is contrary to the CBN’s directives. Members of the public also observed that the banks were still issuing the old naira notes to customers. The people were not convinced with the timing as there are few days to go yet old naira notes are still dispensed by banks.

“People without western education expressed fears in opening bank accounts. Also, some people didn’t take the currency design seriously until the sensitisation programme was embarked upon by the NOA.

“Most of the market men and women complained of not having bank accounts. Members of the public believed the naira redesign policy is a misplaced priority, as there are a lot of Nigerians living below poverty line.”

President Muhammadu Buhari had contrary to the interim order of the apex court validated the use of only N200 notes till April 10.

Meanwhile, the Supreme Court was billed to rule on the suit jointly filed by Kaduna, Kogi and Zamfara state governments on February 22.

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