Posted by The Lagos State House of Assembly has stated that the Central Bank of Nigeria’s (CBN) redesign of the naira has caused Nigerians to suffer, putting the economy in jeopardy.
The MPs admitted that the program was beneficial, but it was implemented at the wrong time, generating economic upheaval that could be impossible to overcome if immediate action is not taken.
On Tuesday, legislators petitioned the CBN to extend the deadline for the currency swap during a session presided over by Speaker Mudashiru Obasa.
The Speaker lamented that the people were in “pain, agony, and wrath” because they couldn’t get their hands on the new naira notes.
“Economists have warned that most of the time, using new currency to control inflation does not work,” Obasa added.
He stated that the policy’s stated purpose has been defeated as a result of multiple concerns from experts and the public.
Instead of a “overnight” strategy, the Speaker said the apex bank should have engaged stakeholders and carried citizens along.
Concerned about the predicament of rural residents, Obasa stated that a 10-day delay would be insufficient.
The Speaker highlighted that in other nations, outdated currencies are progressively phased out of the system rather than abandoned in a rush.
Obasa praised the National Assembly for providing quality representation and demanded that the January 31 deadline be extended.
The motion’s sponsor, Hon. Rotimi Olowo of Somolu Constituency 1, sought an extension of the deadline to July 2023 in accordance with a federal legislature resolution.
“CBN governors, unlike Emefiele, are economists. “Our people are suffering, and there is no money in the ATMs,” Hon. Setonji David stated.
Hon. Saka Solaja, Chairman of the Public Accounts Committee, Hon. Richard Kasunmu (Ikeja II), Victor Akande (Ojo 1), and others spoke.