The Civil Society Legislative Advocacy Centre (CISLAC) has indicated that the decision by the Central Bank of Nigeria (CBN) to redesign some naira notes is not an economic priority.
The group said that this move will not solve the nation’s monetary policy challenges.
Auwal Ibrahim, executive director of CISLAC, made this known in a statement on Thursday.
Earlier, CBN had announced that it redesigned the country’s currency notes of N200, N500 and N1000.
Circulation of these notes is expected to begin in mid-December.
Ibrahim said redesigning the naira notes would hardly solve Nigeria’s poor monetary policy challenges.
“Firstly, the CBN’s decision to redesign and reissue new 200, 500 and 1000 notes is not an economic priority and barely a solution to addressing Nigeria’s poor monetary policy challenges and growing economic woes,” he said.
“Various comments and responses from concerned Nigerians, show that a large number of Nigerians are worried about the misplacement of priorities of the apex bank to make such a decision that comes with possibly huge logistics costs and avoidable dislocations to small businesses, most of whom are in the informal sector.
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