September 27, 2023


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Unfavourable policies on Naira Swap: CBN is destroying the economy…… Stakeholders.

By Afolabi Oyekunle.

The Central Bank of Nigeria (CBN) inconsistent cashless policies and its implementation is destroying the Nigeria economy, killing the informal sector, and bringing untold hardship on the people.

In view of this CBN has been called upon to come out with a clear cut announcement that would remove anxiety among the people and allow the old naira notes to continue to be a legal tender as ruled by the Supreme court.

The Stakeholders spoke at a one day workshop in Lagos at a pre-election workshop on the road to 2023 elections put together by the Labour Writers Association of Nigeria (LAWAN) in collaboration with Friedrich Ebert Stiftung.

In her contributions, a former Labour Editor with Vanguard Newspaper, Mrs Olufunmilayo Komolafe said the policies are anti-people as they were ill conceived and not in tune with the reality of situation in the country.

She said the policies are killing the economy as they are seriously affecting business transactions and purchase of goods and services.


In her contribution, chairperson of Tailoring association in Lagos state, Madam Saidat Fridaos Oshodi said the non availability of the new naira notes is affecting majority of her members throughout the country and the micro economy killing their businesses.

She said it has got to a point that they could not assess money for daily business transactions as all their old notes had been deposited in the banks.

Madam Oshodi appealed to the Federal government to order the CBN to allow the old notes to remain in circulation until the time the new notes are adequately in supply.

Also speaking the Director General Imoudu National Institute for Labour Studies, Ilorin, Comrade Issa Aremu faulted the implementation of the naira policy. He said the naira crisis was as a result of non democratisation of the CBN which allows it take unfavourable decisions without adequate consultation.

DG Labour Centre Issa Aremu

He said that it was unfortunate that in taking decisions on the new naira notes the CBN did not consult the Minister of Finance. He called for democratisation of the CBN.

The DG said henceforth anyone that should be the CBN Governor should not be from the banks, as an operator could not be the executor.

The President Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSIBIFI) Mr. Olusoji Oluwole said bankers could not be solely held responsible for the scarcity of the new naira notes as supply to the banks are limited.

The ASSIBIFI president called on the CBN Governor to address the nation on its stand on the fate of the old naira notes and ensure enough supply of the new notes.

ASSIBIFI president

Meanwhile the Supreme Court has fixed 22nd of February 2023 to continue hearing on the case instituted by several state governments against the Federal Government on the naira swap.