Former Minister of Finance and Secretary to the Government of the Federation, Olu Falae says the timing of the naira redesign is faulty.
The former SGF stated this while speaking with journalists in Akure, describing the introduction of new naira notes as a good policy but ill-timed as the nation prepares for election.
Falae who is now a traditional ruler said the Apex bank should have given enough time to the people before fully implementing the policy.
Falae said the currency design is a normal thing in the world, but should not be allowed to disrupt economic activities in the country.
He said the policy will affect political activities of different political parties ahead of the elections.
His said, “The timing could have been better, being so close to the election, it is too rather disruptive because being so close to election people would be moving around.
“The scarcity of funds may disrupt those movements. The timing could have been better and the organization too could have been better.
“Normally, when you want to withdraw an existing currency from circulation, you ensure whatever goes into the banking system does not go out again.
“Then, in exchange for that you pay out the new one. If you then in a short period, the old currency could be taken to the banking system and the new currency could have been in circulation. This could have improved on the timing and the sequence.”
He added that the CBN should have phased out the old Naira gradually and not give a deadline for the expiration of the old notes as being done in the country presently.
Falae there urged the central bank of Nigeria to ensure that old naira returned to the banks are not allowed to go back into circulation.
