The Central Bank of Nigeria, on Thursday, admitted that the ongoing scarcity associated with the naira redesign and cash withdrawal policy was not anticipated.

This came amid numerous protests and attacks on banks by angry Nigerians due to the inability to access cash for their regular transactions.

A Deputy Governor of the bank, Folashodun Shonubi, made the admission at the 22nd fellowship conferment lecture and ceremony organised by the Nigerian Society of Engineers in Abuja.

The lecture was titled, “The intricacies of the naira redesign and its benefit to Nigerians”.

He explained that contrary to public opinion, the redesign plan which has been in the works for two years was not to punish anyone but to improve the economy.

The deputy governor who stated that challenges faced were caused by a new line of business created by indigenous Nigerians, revealed that numerous benefits have been achieved which include retrieval of N2 trillion to the banking system.

He said, “As you know, Nigerians are very ingenious. And we created a whole new line of business for people that we never envisaged.

“An aspect of that is queuing, where you sell your position on the queue for money. Night crawling, where you wait till night, collect numerous cards from your friends and family and go to an ATM and empty them using different cards and then take the cash to sell.

“So it’s been a bit stressful to be honest because we did not anticipate this kind of behaviour.”

Shonubi, however, noted the necessary challenges will soon be of the past adding that the apex bank will do everything within its powers to salvage the current situation.

“I believe that sooner rather than later, the stress ongoing in relation to money would reduce,” he concluded.

muykem:
This is why we Tinubu as president. He can see far beyond a moment.

Aufbauh:
Now I believed that Buhari was tricked by the disgruntled cabal in the villa through Emiefele.The lesson learned from the Emiefele's appointment is that never entrust a sensitive responsibility to someone you barely know regardless of his resume.

seunmsg:
Exactly why Emefiele and his management team should be fired. The level of incompetency they’ve displayed in implementing the policy is unbelievable.

You talking of Emefiele incompetency? You have forgotten who employed or retained him? Or you nauseating hypocrisy is scratching you again?

Aufbauh:
Now I believed that Buhari was tricked by the disgruntled cabal in the villa through Emiefele.

The lesson learned from the Emiefele's appointment is that never entrust a sensitive responsibility to someone you barely know regardless of his resume.

Racoon:

He took 6 months to appoint grossly incompetent ministers that helped him to ruined this nation. No body asked him to retained Godwin Emefiele as it is his sole presidential perogative. So my friends stop justifying Buhari cluelessness ineptitude, and incompetency after a disastrous 8 years.

dre11:


He explained that contrary to public opinion, the redesign plan which has been in the works for two years was not to punish anyone but to improve the economy.

https://punchng.com/new-naira-we-didnt-anticipate-challenges-cbn-admits/?amp

Nlfpmod

Racoon:
Tinubu only sees greed, his egocentric and selfish desires. How he can extend his agbero empire to eat the left over carcass of this bleeding nation

adekolaelect:
stop crying Tinubu told them but they refused and you stupid haters start Insulting him with the hope that the policy will hurt your perceived Enemy.. now you need to get back to your vomit . Hatred will only bring backwardness and sadness for you.

Thinkam:
Okay, well APC trade mark, trial by error.

That's what they done so far, they used as experiment

Kick out APC