Bauchi Varsity Lecturer Kicks Against Naira Notes Change Extension



A lecturer with the Bauchi state University, Dr. Yusuf Musa Yahaya has criticized the Central Bank of Nigeria (CBN) for extending the deadline from January 31 to  February 10, saying the move would continue to subject the ordinary citizens to untold hardships.

He described as unfavourable to the Nigerian economy the extension of the deadline of changing the old Naira with the redesigned ones particularly looking at the current circumstances created by the change of currency.

Dr. Yahaya who is the head of Political Science Department of the Bauchi State University, Yuli Campus, stated, “Scarcity has already been created, people are suffering. You can go to ATM without cash, you can go to POS you don’t have new Naira notes, if you go to banks, they don’t attend to customers”.

He told the press in Bauchi on Monday that the January 31, should have been maintained so that normalcy can return, but it has been extended to another ten days which means that the hardship would have to continue for the next ten days.                                                                                                                         

“Once the deadline is maintained, it means that CBN has to pump into the economy to allow for speedy circulation of the currency, and things would return to normalcy. The target is not even circulation of money, but a cashless policy of the CBN that would strengthen the economy”, Yahaya said.

The varsity lecturer regretted the pressure from whom he described as political class with unnecessary excuses for the CBN to extend the deadline for their selfish motives that eventually forced the Central Bank to extend the deadline to 10th February, 2023.

Dr. Yahaya advised the Central Bank that in exercising its constitutional right, it should stick to the laws governing its operations, adding “Laws are mean to be respected and maintained, CBN should look at the untold hardships this policy is causing to people at the grassroots”.

Also contributing, the head of Economics Department of the Bauchi University, Dr. Umar Bala said however that the extension of 31st January deadline is okayed because it would afford more rural communities the opportunity to key into the banking system.

He explained that the digital economy of cashless policy has to a significant aspect also curbed the armed robbery, especially between the North and Southern part of the country, saying gone are the days when robbers are having field days on those regional routes.

Dr. Bala therefore advised the central bank to exert more efforts on sensitization on whichever policy they would want introduce in the system, stressing that hundreds of thousands of villagers are still ignorant about the cashless policy of the apex bank.

“So my emphasis is on sensitization by the apex bank, firstly the people to accept the money, secondly the money would not be available because it is not swap, it is go and deposit because the amount they printed is not equivalent to the new ones, so you cannot swap”,

He also advised the rural dwellers to deposit their money in the banks as against keeping them at their homes which could make them valueless, saying “You can deposit your money and wait for the stipulated time to ripe for their collection to receive the new notes you desire”.


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