Chuks Akunna, Executive Director of the Authority Newspaper, has examined Nigeria’s vital gains since the implementation of the Naira Redesign Policy and the Naira Swap Deadline. Speaking on AIT News, Akunna stated that the CBN should have studied the policy before its implementation.
In response to the topic, Akunna said, “The CBN should have realized what it was up against.” However, we seem to be focusing on the challenges caused by the cash shortage. According to the CBN Governor and the President, the policy is meant to curtail vote-buying and curb ransoms taken by kidnappers. We recently learned that terrorists and kidnappers told highway passengers of their fears that the old notes would become worthless after the deadline for the Naira swap.
He added, “Also, we have not analyzed the declining rate of kidnappings since the policy was set in motion.” There has been a sharp decline in such cases. If you ask people to pay ransom, will they do so in dollars or Naira? These are vital factors that have not been considered.
