Redesigned Notes: Expiring CBN Policy Affecting Businesses – LCCI

The Lagos Chamber of Commerce and Industry (LCCI) has stated that the not-so-smooth transition from the old notes to the new ones for business transactions is beginning to take its toll on businesses in the country.

In a statement issued by its director-general, Dr. Chinyere Almona, indicated that the expectations surrounding the introduction of the new naira banknotes last December were gradually undermined, as evidenced by the harrowing experiences of individuals and companies. made to continue in recent weeks.

The body argued that the expiry of the top bank’s currency management policies had left businesses in the country confused, noting that even an extension of the deadline for phasing out old banknotes announced by the top bank had so far failed to can improve the situation; as the scarcity of the new Naira notes still persists.

However, while pledging its support for the top bank’s push for a cashless economy, the Chamber argued that the phase-out of the legacy banknotes could have been better planned and executed without difficulty for businesses and individuals.

“With the launch of the redesigned Naira notes last December, expectations were high for the smooth transition to using the new notes for business transactions across the country.

“We regret to note that expectations have been subverted, business deals have been hampered and many are experiencing a loss of time and value. The Central Bank should inform the public about gray areas regarding the scarcity of the new Naira notes, in addition to strengthening its policy implementation capacity.

“The new redesign of Naira has led to mixed reactions and feedback suggesting that related issues, such as the phasing of old banknotes, withdrawal limits and the scarcity of new banknotes, may have had a greater impact on businesses and social livelihoods than intended .

“While banks have attempted to meet their customers’ currency demands through ATMs and wire transfers, the scarcity of the Naira has rendered their efforts ineffective,” the Chamber argued.