Poor Handling of Naira Redesign, a National Embarrassment-Ambassador Majidadi

By Abel Ruth

A notable anti-corruption crusader, human rights activist  humanitarian, and Publisher,  His Excellency, Ambassador Aminu Abubakar Majidadi  has condemned in  strong terms  the untold hardship and suffering brought to Nigerians as a result of the Central Bank of Nigeria[CBN]’ s Naira re- design and cashless policy. In a strongly-worded press release he issued on Friday, January 27 in Abuja, Ambassador Maijidadi who is the National President of Al-Mushahid  Initiative for Transparency and Accountability [AITA], as well as Publisher of Capital Watch Media  Magazine  expressed sadness that the CBN’s policy rather than bring succor to the citizens has thrown millions of Nigerian into untold hardship and confusion resulting in economic paralysis. Ambassador Majidadi, a hero of democracy and front liner  in  the fight against corruption, as well as  a seasoned humanitarian, enthusiastic philanthropist, advocate of justice, fairness, transparency and accountability urged the CBN to intervene in the mess it has created with the “miscarriage of its Naira redesign and cashless policy by extending the deadline of January 31 given for the swap of old Naira notes of N200, N500 and N1000 for the new ones. A new and more convenient date of at least three months extension should be given”

He said if the CBN’s action was  directed at “moneybag politicians and others” the programme as carried out so far  has failed woefully  as it is the ordinary Nigerians that are suffering as a result of the poor and misguided handling of the policy by the apex bank.”

He recounts: “As I was coming to work this Friday morning in Abuja, which is the Federal Capital, I could see queues, long ones with many people waiting at ATMs to withdraw money. I leant later that this trend continued in many banks across Abuja as many  that went to the bank went home without the much anticipated new notes. This is sad and embarrassing”

Amb.  Majidadi, CEO/ National President AITA and Publisher Capitalwatch media who is  greatly  worried about the development  called  for quick intervention regarding the circulation of new notes, without much ado.

Amb. Majidadi lamented that the queues at the banks were  worsening and causing commotion, as  some individuals and businesses are facing setbacks. He added that the  newly redesigned naira note is already having adverse  effects t on economic activity especially among  poor Nigerians due to its timing and short transition period and if there is no quick intervention, there will be havoc.

Many banks are yet to receive reasonable amount of the new naira notes and this have giving  room for counterfeit notes from fraudsters. People who do not want to lose their money become victims to these perpetrators. In fact, 9 – 5 workers that have managed to somehow have the new notes leave their houses with new notes and come back with old notes, because bus conductors, taxi/ cab drivers still transact with  old notes.

He sums up:  ”Therefore, I appeal to the government and the CBN Governor  Godwin Emefiele to please extend the deadline for the use of old notes to give individuals time to return old notes. The newly redesigned notes should also be printed and circulated to banks in reasonable amounts so that customers can exchange their money and also withdrawals can be made with new notes”, he concluded.



Capitalwatch Media is a Monthly Magazine Publication of DE-AITA of DE-AITA Communication LTD.

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