Redesigned notes: CBN policy lapses affecting businesses – LCCI

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

The Chamber, in a statement issued by its Director General, Dr. Chinyere Almona, on Wednesday, argued that the expectations surrounding the introduction of the new naira notes last December, were gradually being dashed, as evident in the harrowing experiences individuals and businesses had been made to pass through in the past few weeks.

The body argued that the apex bank’s currency management policy lapses had thrown businesses in the country in a disarray, noting that even a deadline extension for phasing out old notes, as announced by the apex bank, had, so far, not been able to improve the situation; since the scarcity of the new Naira notes still persists.

While pledging its support for the apex bank’s drive towards a cashless economy, the Chamber however argued that phasing out the old notes could have been better planned and implemented with no hardship for businesses and individuals.

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

“We regret to note that expectations have been dashed, business deals impeded, and loss of time and value experienced by many. The Central Bank needs to enlighten the public on grey areas about the scarcity of the new Naira notes in addition to strengthening its policy implementation capacity.

“The new Naira redesign has triggered varied reactions and feedback that suggest that related issues like the phasing of old currency notes, withdrawal limit, and the scarcity of new notes may have started to impact businesses and social livelihood beyond intentions.

“While banks have endeavored to meet the currency demands of their customers through Automatic Teller Machines, and electronic transfers, the scarcity of the Naira has rendered their efforts ineffective,” the Chamber argued.