Lagos Assembly- Nigerians are Suffering Naira Scarcity, Economy in Danger

By Joshua Samuel

According to the Lagos State House of Assembly, the Central Bank of Nigeria’s redesign of the naira has caused misery among the populace and endangered the nation’s economy.

The lawmakers acknowledged that while the policy was sound, it was adopted at the wrong time, leading to economic upheaval that may be difficult to overcome if quick action is not taken.

The Speaker of the House, Mudashiru Obasa, presided over a meeting on Tuesday during which the legislators pushed the CBN to extend the deadline for the currency swap. The Speaker lamented that because they couldn’t use the new naira notes, the people were in “pain, misery, and rage.”

The majority of the time, economists have stated that using new money to control inflation is ineffective; this was stated by Obasa. He pointed out that a number of concerns from professionals and the general public have undermined the policy’s stated goal, contrary to what the CBN asserted.

The Speaker claimed that instead of a “overnight” strategy, the apex bank should have involved stakeholders and guided citizens. Obasa emphasized that the 10-day postponement would not be enough because he was concerned about the suffering of people living in rural areas. The Speaker noted that in other nations, outdated currencies are not abruptly abandoned but are instead permitted to gradually disappear from circulation.

Obasa complimented the National Assembly for demanding an extension of the initial January 31 deadline and for providing strong representation.  The motion’s sponsor, Hon. Rotimi Olowo of Somolu Constituency 1, requested an extension of the deadline till July 2023 in accordance with a decision made by the federal assembly.

“Unlike Emefiele, the governors of the CBN are economists, not bankers. The money is not available at the ATMs, and our people are suffering, the Hon. Setonji David stated. Contributors were Hon. Richard Kasunmu (Ikeja II), Victor Akande (Ojo 1), and Hon. Saka Solaja, Chairman of the Committee on Public Accounts.

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