As the country prepares for the introduction of new Naira notes and the phase-out of old ones, the Bank Customers Association of Nigeria (BCAN) has urged the Central Bank of Nigeria (CBN) to extend the deadline for the return of the old notes.
The President of BCAN, Dr. Uju Ogubunka, said in a statement to Vanguard regarding the readiness of bank customers for the Naira change: “Redesigning the Naira, from time to time, and as the need arises, is the responsibility and within the powers of the CBN.
“The reasons adduced by CBN are genuine and are supported by facts we all know. So, we in BCAN have no problem with the intention/plan of CBN. All we demand is that the exercise should be carried out at little or no inconvenience to the banking public and the generality of Nigerians. BCAN members will cooperate. However, the time frame for the exercise should be scrutinized to ensure it is adequate.All those who will render services in the implementation should consider it a serious national assignment and thus be very, very dutiful. CBN should try to foresee likely challenges that may arise and create response options. There is hardly any doubt that it will be successful.”
As the Central Bank of Nigeria, CBN, continues with the redesign of the N200, N500, and N1,000 notes, bank customers have expressed a range of concerns.
Some people praised the move, noting that it would help with cash flow and other naira-related issues, while others railed against it, claiming that it wouldn’t address all of the economy’s problems.
