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From Uche Usim, Abuja
Economic experts have described the Supreme Court ruling that the old N200, N500 and N1, 000 notes remain legal tender until December 31 2023 as most timely and soothing.
They urged the Central bank to immediately comply and ensure the old notes operate side by side with the new ones in order to end the notes scarcity nightmare.
Nigeria’s first professor of the capital markets, Prof Uche Uwaleke, in a telephone interview with Saturday Sun advised the CBN to immediately comply with the ruling since it has come from the final court in the land.
“Doing so will help revive economic activities and reduce the current difficulties being experienced by Nigerians on account of the policy.
“Be that as it may, it’s important to recognize that the CBN has recorded some achievements in terms of the objectives it set out to achieve. The reduction in huge cash circulating outside the commercial banks, the surge in electronic transactions, increase in financial Inclusion are part of the achievements recorded thus far.
“The time frame till December 31, 2023 provides an opportunity for the CBN to re-assess the policy and improve on its implementation without causing distortions to the economy”, Uwaleke said.
In his views, the Director General, the Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf in a telephone interview with Saturday Sun noted that the currency redesign programme was sudden and economically disruptive as it mopped up over 70 per cent of naira notes in circulation.
He noted that currency redesign programmes across the globe are gradually implemented over a period of time that allows a gradual phase out of the old notes which co-exists with the new ones over a period of time.
“I expect the CBN to comply immediately. The ruling is good for the economy. The suffering over the cash crunch is too much. The alternative electronic banking channels are not efficient and those in the rural areas are worst hit”, he said.
