The Labour Party (LP) and the South-West Agenda for Asiwaju (SWAGA’23) have thrown their weight behind the position of the National Council of State (NCS) that the Central Bank of Nigeria (CBN), should print more new naira notes or recirculate the old ones.
Dr Yunusa Tanko, Chief Spokesperson of the Labour Party Presidential Campaign Council (LP-PCC) noted on Friday that the best way the naira redesign policy can work is when more new naira notes are printed while the old notes are gradually withdrawn.
Tanko said, “It is very obvious that they have to print new notes which will then take out the old notes because the new notes are already in circulation and cannot be withdrawn”.
“So they should print more of the new notes and then gradually withdraw the old notes. That is the only way the naira redesign policy can stand,” he said.
Meanwhile, Otunba Bosun Oladele, the National Secretary of SWAGA said that the group is in support of the decision as long as it will ease the pain of the masses.
He noted that SWAGA’s position is that both the old and new notes should co-exist until the new naira notes are fully in circulation.
Oladele said, “Yes we are in support of the decision, as long as it will ameliorate the sufferings of Nigerians and ease the access to banking and commercial transactions in the country”.
“Our position has been that the Federal Government should allow the old and the new currencies to co-exist through the transition period,” he said.
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