A legal practitioner based in Lagos State, Jiti Ogunye has asked the Nigerian Central Bank to extend the suspension of old Naira notes by six months.
The CBN has fixed February 10 as the new deadline for the swap of old naira notes, having initially fixed January 31 as the deadline.
Many Nigerians are currently unable to obtain the new N200, N500, and N1,000 notes, resulting in scarcity and attendant suffering in the country.
Commenting on this in a series of tweets on Monday morning, Jiti Ogunye described the policy as heartless.
He said, “When this madness started, a number of people were hailing it as a good cashless policy. They never knew that it is a tactless, brainless and heartless policy. The heads of the Central Bane of Nigeria, CBN, and NSPM Co Plc must be administratively cut.
“Bring back into immediate circulation old Naira notes, and phase same out gradually in the next six months. Evidently, the Mint lacks the capacity to speedily print replacements for the N2.7trillion withdrawn. Save our Souls! Save the Country!!
“Customers are said to be kings. Not anymore. Bankers now are. And the central bankers and minters are the King Kongs.
“A ruler regularly portrayed as a forthright but manipulable head who is taken advantage of by dishonest subordinates, feeding him wrong advice, thus making him take wrong decisions, is a weak and incompetent ruler. That is the implied; the unsaid!
“To get BVN was a problem. To get NIN was a problem. To get PVC was a problem. To get Driver’s License is a problem .To get a Passport is a problem. To get new Naira Notes is a problem. Is Nigeria’s real name ‘ Problemia’?
“The silly narrative out there is that Banks are the saboteurs, hoarding the new naira notes released to them by the CBN and selling same at the Black Market. This is false. The Presidency and CBN created this problem. Not the Banks.
“At this point, it is fair to ask the Crisis Bringer of Nigeria (CBN) if monetary strangulation, in combination with the extant fiscal asphyxiation, is being used as a weapon to fuel insurrection or intervention, and derail our imperfect democracy.
“Old naira notes are being mopped up and withdrawn but new notes are not available to be paid. For now, there is no bank. We only have the Central Bane of Nigeria (CBN).”