Before the current redesigning of the naira, the currency has been redesigned four times and on each occasion a reason was given and the process was smooth. Late last year the Buhari administration embarked on redesigning the 1000, 500 and 200 naira and gave an initial deadline of January 31 for the old notes to cease to be legal tender.
The outcry that greeted that announcement prompted an extension of ten days to Feb 10
Reports coming from different parts of the country show the difficulty, Nigerians encounter before they can withdraw their money . The media have been inundated with reports crowded banks as people jostle to get cash. Some angry and frustrated ones have stripped naked to protest their inability to get money while some banks have been attacked
Accusations and counter accusations have been the order of the day with some APC leaders blaming the party for the poor handling of the exercise.
Reacting to this A Senior lecturer with the university of Agriculture and Environmental Sciences Umuagwo Imo state Dr Desmond Echeta says the policy is part of the Mandate of the Central Bank of Nigeria based on the act of Parliament
According to him part of the reason for redesigning the naira is to see that illicit transactions are curtailed
The University don however expressed Concern over the Inability of the Apex bank to put in place measures to mitigate the sufferings Nigerians are currently going through in banks
On the appeal by President Buhari to Nigerians to give him Seven days to arrive at a solution to the crisis, Echeta says if after seven days, there is another extension then the purpose of the exercise will be defected
He says the inconveniences Nigerians are currently going through is a sacrifice they must pay to reset the country’s economy.
There are six days left before the CBN deadline elapse and if the words of Mr President are anything to go by , there may be light at the end of the tunnel.