In a statement by Muda Yusuf, Chief Executive Officer of the CPPE, the organization said it welcomed the supreme court ruling as...
on Friday lauded the ruling of the Supreme Court on the use of the old naira notes as legal tender.
Nigerians have experienced difficulties accessing their money since the currency swap programme was launched, leading to protests and attacks on banks and ATMs in parts of the country. The organization said the CBN currency redesign policy inflicted indescribable agony, suffering and distress on the majority of Nigerian citizens.“The trouble was not with the redesign, but the deliberate and unrestrained mopping up of cash in the economy,” the CPPE said.
“A swap presupposes that whatever old notes was received by the banks must be replaced with new ones instantly,” it said. The CPPE noted that in December 2022, the total money supply was N52 trillion and the cash component of the money supply was N2.6 trillion, which was just 5 per cent. According to the think tank, cashless transactions in 2022 was about N400 trillion in 2022, according to NIBSS.
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